The cryptocurrency exchange Gemini run by well-known Winklevoss twins has reportedly passed the audit called SOC 2 Type 1 security compliance review carried out by one of the leading auditing companies Deloitte.
Gemini reported about the successful auditing in the statement released on Tuesday, saying:
"After months of preparation and an in-depth external review, we are pleased to announce that Gemini has successfully completed its SOC 2 Type 1 examination. "
The successful audit means that the exchange of Cameron and Tyler Winklevoss has become the first crypto platform that offers the level of security and funds protection level required to pass the System and Organization Controls (SOC) 2 Type 1 examination.
According to the report, Deloitte checked different security aspects at the platform, including security controls, processing, privacy. Along with the security compliance, it was also inspected the exchange application, customer database, storage system covering online and offline wallets that are offered to institutional clients.
As the company claimed its next target is the SOC 2 Type 2 inspection to be passed this year. With these measures, the platform wants to get further confirmation of its control effectiveness.
Besides, as Gemini management added, they plan to pass SOC 2 checks every year striving to assure its users that they are taking all measures to provide the best level of data security.