U.S. Cryptocurrency Exchange Gemini And It's Current Security Compliance Audit.
Scroll DownOn January 29, U.S. cryptocurrency exchange Gemini — which was founded by Tyler and Cameron Winklevoss — revealed that they underwent a Service Organizational Control (SOC) 2 Type 1 security compliance audit. This revelation was made in a post on the company's Medium blog. SOC 2 audits ascertain whether an organization has fulfilled certain criteria laid out by the American Institute of Certified Public Accountants. This relates to standards in the following areas: availability, confidentiality, integrity, privacy, processing and security. According to the company, they are the first digital currency exchange to complete an audit such as this. Deloitte, which is a Big 4 accounting and auditing firm, reportedly performed the audit. This entailed reviewing various aspects of the company, such as its infrastructure, its exchange software, its customer database and its storage systems. Its storage systems are what secures keys used in the company's wallets, both online and offline. The company further announced that sometime this year it would undergo a SOC 2 Type 2 audit. This type of audit would assure greater security compliance by requiring even higher security standards than a SOC Type 1 audit. Gemini has long been proactive in providing security for its operations. In October of last year, the company contracted a lending services company named Aon to provide insurance for digital assets they control under custodial agreements. The exchange also provides Federal Deposit Insurance Corporation (FDIC) insurance on dollar-denominated deposits made on the exchange. The exchange has further been actively supporting regulation of cryptocurrency markets. Just this month, they began a high-profile advertising campaign relating to the subject in New York City. They placed signs both in the city's subways and on taxi cabs that stated: "Crypto Need Rules." They also heavily promoted their exchange in these ads as well, along with the slogans "Money Has a Future" and "Crypto Without Chaos." Chris Roan, who is the head of marketing at the exchange, recently said in an interview with the Wall Street Journal that "[I]nvestors coming into cryptocurrency deserve the exact same protections as investors in more traditional markets, adhering to the same standards, practices, regulations and compliance protocols."
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