Marketwatch reports that Winklevoss brothers’ Gemini Exchange has passed a third-party test of its firm. Usually reserved for traditional mainstream financial organisations, the SOC for Service Organizations evaluates design and security controls. The test was undertaken by industry giant Deloitte.
People want to know if we are safeguarding their assets and personal information, and to demonstrate this through an independent third party, we believe we are showing we can.Yusuf Hussain, Head of Risk, Gemini
Gemini have become the first digital asset exchange to complete the report, known as the SOC 2. The report provides the detail and reassurance by a trusted third party that the controls are fit for purpose.
Gemini’s SOC 2 Type 1 report is intended to meet the needs of users that require detailed information and assurance about the controls implemented within the Gemini exchange and custody platform. These controls have been independently inspected to meet the trust services criteria established by the American Institute of Certified Public Accountants (AICPA)Gemini
Gemini have been at the forefront of transparency and regulation around digital assets. With this news, the fight for regulatory adoption has won a decisive battle. As competitors consider the news, we expect that others will be seeking similar third-party validation.