Gemini Clears the International Financial Operations Excellence Standards Examination - SOC Type 1
CBW -External Analyst
Sep, 29 2020
Leading Exchange and Custodian Gemini has pioneered the crypto industry in passing the International high standard Financial Operations Compliance 1 Type 1 Examination.
The Test has been performed by Deloitte & Touche LLP and has credited Gemini to become the first in the crypto industry to comply with the international standards of excellence in the financial operations.
What is the SOC Type 1 Examination?
SOC 1 is recognized as an international quality standard in traditional financial services. SOC Type 1 examination provides independent validation of the company’s financial affairs and its customer's reporting controls, in order to address the risks involved due to data loss or other human errors.
By concluding the SOC 1 Type 1 examination, customers can rely on the platform for attesting their businesses. It is noteworthy that Gemini strives for the utmost security in transactions for its customers and this is another significant step to achieve the trust of its customers.
The SOC Type 1 Examinations ensures the businesses to improve their service quality and security of crypto transactions across the borders.
Gemini aims to accomplish another level - SOC Type 2 Examinations on an annual basis in the future. This will ensure that the financial operations and reporting controls are designed and executed appropriately within time with maximum efficiency.
Head of the Risk at Gemini Exchange Yusuf Hussain wrote on a blog, “By completing a SOC1 Type examination, our customers can confidently conduct, and subsequently attest to, their business on the Gemini platform.”
He added that with the standards achieved, the design, implementation, and integrity of the transactions at Gemini are validated.
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CBW - External Analyst