Gemini Passes Security Compliance Review

- Advertisement -

January 31, 2019 12:07 AM

The Winklevoss twins may want to hang the test results on their fridge.

The crypto exchange and custodian, Gemini, founded by Cameron and Tyler Winklevoss, has successfully completed the System and Organization Controls (SOC) 2 Type 1 examination. Announced in a Medium post, the test was part of a security compliance review being done by auditing firm Deloitte & Touche LLP.

According to criteria set by the American Institute of Certified Public Accountants (AICPA), the SOC 2 Type 1 test is meant to analyze “the controls at a service organization relevant to the systems at the service organization used to process users’ data.”

Gemini says Deloitte has performed its own evaluation of Gemini’s exchange application, infrastructure, and the storage system that holds the private keys of its users’ online and offline wallets. The SOC 2 Type 1 test is part of the AICPA’s independent inspection of Gemini’s security controls.

The Medium post also explains that the Winklevoss twins are committed to pushing forward and completing a SOC 2 Type 2 examination in 2019. Whereas a Type 1 test evaluates a system’s security controls at a specified date, a Type 2 test evaluates the controls over a period of time. Gemini hopes the additional examination will “further validate the effectiveness of our internal controls.”

- Advertisement -

Gemini has been hard at work of late, providing similar services meant to build up a reputation as a trustworthy and user-friendly exchange. In October 2018, the company’s head of risk, Yusuf Hussain, announced that Gemini would provide insurance coverage for funds held in hot wallets. The coverage includes existing FDIC “pass-throughdeposit insurance that fiat funds are eligible for.

More recently, in December 2018, the exchange launched its Gemini Mobile App. Available on Apple’s App Store and Android’s Google Play store, the app allows users to buy, sell, send, and receive cryptocurrency; view market prices and the value of their portfolios; and set price alerts and recurring buy orders. The app also gives users access to “The Cryptoverse,” which is a basket of cryptocurrencies available for purchase on Gemini.

Nicholas Ruggieri studied English with an emphasis in creative writing at the University of Nevada, Reno. When he’s not quoting Vines at anyone who’s willing to listen, you’ll find him listening to too many podcasts, reading too many books, and crocheting too many sweaters for his dogs, RT and Peterman.

- Advertisement -

Like what you read? Follow us on X @Bitnewsbot to receive the latest Tyler Winklevoss, Cameron Winklevoss or other Ethereum wallets and exchanges news.



Previous Articles:

- Advertisement -

Latest News

Singapore Fines UBS, Citi, Others $21.5M in Money Laundering Scandal

Singapore fined nine financial firms $21.5 million in connection with a major money laundering...

Valhil Capital Predicts XRP Could Hit $4,813 by 2030 Amid Adoption

Valhil Capital projects XRP could reach a fair market value of $4,813 to $9,000...

Hamak Gold to Hold Bitcoin in Treasury, Aims for UK Leadership

Hamak Gold is moving part of its treasury funds into Bitcoin while continuing gold...

Symbolic 200 BRICS Bank Note Unveiled at 2025 Summit Sparks Buzz

A 200-denominated BRICS bank note appeared at the 2025 St. Petersburg forum, generating discussions...

$8.6B Bitcoin Move Sparks New Speculation Over Satoshi’s Identity

Bitcoin saw a record $8.6 billion transferred from dormant wallets in what is called...

Must Read

Top 10 BEST Crypto Trading Books for New Traders

If you're thinking of diving into the crypto trading space, acquiring solid knowledge isn't just recommended - it's essential to protect your investment.Learning...