Gemini announced that it has passed a security compliance review with flying colors, making it the first cryptocurrency exchange and custodian to do so. The System and Organization Controls (SOC) 2 Type 1 examination was conducted by Deloitte, one of the “Big Four” auditing firms.
The company announced the news in a post on January 29, saying that it was the first cryptocurrency company that demonstrated this level of security compliance in protecting customer data and funds. Deloitte independently inspected and evaluated the design and implementation of Gemini’s security controls to ensure it meets the trust services criteria set by the American Institute of Certified Public Accountants (AICPA). The move is part of Gemini’s long-term plan to increase the amount of institutional capital pouring into the crypto industry, Forbes , noting that the Deloitte evaluation is the culmination of its investments in risk management. Gemini’s head of risk, Yusuf Hussain, said that institutional investments are the only way to build consumer trust and confidence when it comes to cryptocurrencies.