Apr 21, 2020
Gemini Custody and Exchange Completes SOC 1 Type 1 Examination — Another First in Crypto!
We are pleased to announce that we have completed a SOC 1 Type 1 examination, which covers the financial operations and customer reporting controls of our exchange and Gemini Custody™. This exam was conducted by Deloitte & Touche LLP and makes Gemini the world’s first cryptocurrency custodian and exchange to demonstrate this high standard of financial operations compliance.
A SOC 1 Type 1 examination provides independent validation of a company’s financial operations and its customer reporting controls designed to mitigate the risk of significant error, omission, or data loss. By completing a SOC 1 Type 1 examination, our customers can confidently conduct, and subsequently attest to, their business on the Gemini platform.
SOC 1 is an internationally recognized achievement in the traditional financial services industry and we are proud to bring this standard of excellence to the cryptocurrency space. While vital to both our exchange and custody platform, the SOC 1 Type 1 is particularly important to our exchange operations, which execute a significant volume of complex financial transactions for our customers. The SOC 1 Type 1 validates the design and implementation of those operations and the integrity of their corresponding reports.
Going forward, we will be completing a SOC 1 Type 2 examination on an annual basis. This will independently verify whether our financial operations and reporting controls are not only designed and implemented appropriately at a point in time, but also that they have been operating effectively over a period of time.
Security is one of our core values at Gemini, as previously demonstrated by our SOC 2 Type 1 and SOC 2 Type 2 examinations. Trust is our product; and we look forward to earning and maintaining your trust. Our SOC 1 Type 1 is yet another proof point that Gemini continues to strive towards achieving the highest standards of financial operations compliance for the benefit of you, our customer.
Onward and Upward,
Yusuf Hussain, Head of Risk