Gemini Clears the International Financial Operations Excellence Standards Examination - SOC Type 1


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.
Disclaimer
The information provided through the above Content is for informational purposes only. The Content is not intended to be, and does not, constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. We do not make any guarantee or other promise as to any results that may be obtained using our Content. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice, and/or recommendations prove to be inaccurate, incomplete, or unreliable or result in any investment or other losses.

Jayashree Ingle
CBW - External Analyst
INDIA