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Cryptocurrencies

Gemini passes security compliance review by Deloitte

Thursday 31 January 2019 | 10:09 AM CET

Gemini, a cryptocurrency exchange and custodian, has passed a security compliance review conducted by “Big Four” auditing company Deloitte, according to CoinDesk.

Gemini, founded by Cameron and Tyler Winklevoss, claimed to be the first crypto company to have successfully completed the System and Organization Controls (SOC) 2 Type 1 examination.

This type of examination is designed to address controls at a service organization relevant to the systems at the service organization used to process users’ data, according to the American Institute of Certified Public Accountants (AICPA).

Deloitte reviewed of Gemini’s exchange application, infrastructure, and underlying customer database, as well as its institutional-grade cryptocurrency storage system that custodies the private keys of Gemini’s online and offline wallets. Moreover, it independently inspected and evaluated the design and implementation of its security controls to ensure it meets the trust services criteria set by the AICPA, the exchange’s founders said.

Gemini said it is also committed to clearing the SOC 2 Type 2 examination in 2019 to “further validate the effectiveness of our internal controls,” and will take SOC 2 exams on an annual basis, the online publication continues. The difference between Type 1 and Type 2 examinations is that the former requires a report of a service organization’s internal controls at a specific point in time, while the latter requires it over a period of time.

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