Cryptocurrency custodian Gemini Custody has successfully completed SOC 1 Type 2 and SOC 2 Type 2 examinations, the exchange announced. According to a blog post, the audit was conducted by one of the Big Four accounting firms Deloitte & Touche LLP and made Gemini the world’s first crypto custodian and exchange with this standard of financial operations and security compliance.
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"At Gemini, we aim to foster trust by demonstrating through action that as a company we follow through on the commitments we have made to upholding the highest levels of security and compliance for the benefit of our customers," said Yusuf Hussain, Head of Risk at Gemini.
In April 2020, the US-based regulated cryptocurrency exchange completed a security audit, which covered the financial operations and customer reporting controls of the exchange and Gemini Custody. Back then, the audit was also conducted by Deloitte & Touche LLP.
As iHodl reported, the US government bureau that regulates national financial institutions and federal savings associations, the Office of the Comptroller of the Currency (OCC), allowed federal banks to provide custodian services for digital assets.
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