Gemini, the New York cryptocurrency exchange founded in 2014 by the twins Cameron and Tyler Winklevoss, has just completed a type 2 SOC (acronym for Service and Organization Controls) evaluation; the news, even if expressed in somewhat obscure language for most (read: "CRYPTIC language" ...) is relevant because the SOC 2 assessment defines the highest safety compliance that a financial organization can demonstrate and more specifically, it is an audit of control procedures that affects IT companies that provide services.
In essence, it is an international reporting standard for cybersecurity risk management systems; among other things, Gemini also underwent an audit (carried out by Deloitte, the number one auditor in the world in terms of revenues and number of professionals), passing it with flying colors.
This is a passage of fundamental importance for a company oriented, in addition to offering exchange services, to the custody of cryptocurrencies, important for gaining the trust of customers and which certifies not only the high level of security of the platform but also the complete compliance of the same with the regulations in force in the USA.
The risk manager Gemini (Yusuf Hussain) intervened to clarify the importance of all this, remarking how, in the event of a security breach, the inevitable consequence for customers is the loss of their funds; Hussain also wanted to point out how, at this moment, Gemini is the only company to offer cryptocurrency exchange and custody services to be able to boast a SOC 2 type evaluation.
Asked by Cointelegraph on this news, the exchange also stated that, starting from this moment, it will undergo the same evaluation every year, so as to provide its customers with adequate guarantees regarding the safety standards used in the custody of the funds.
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