Gemini Passes Deloitte’s Type 2 Security Testing

Gemini, a New York-based digital currency exchange, announced today that it has finished a second-level security evaluation by auditing giant Deloitte.

Yusuf Hussain, Gemini’s head of risk, said, “The Type 2 is the highest level of security compliance that any organization can demonstrate.”

The company had completed Deloitte’s first-level security evaluation in 2019. This reflects the exchange’s keenness to comply with security measures, especially as it aims to boost its customer confidence.

“While a SOC 2 Type 1 evaluates the design and implementation of system controls at a point in time, a SOC 2 Type 2 evaluates whether these system controls have been operating effectively over a period of time,” said Hussain.

The evaluation included the company’s trading platform and custody services.

“We’re the only crypto exchange and custodian to demonstrate this level of security compliance of getting a SOC 2 Type 2,” said Hussain.

It was earlier reported that Gemini has kicked out its crypto custody company Nakamoto.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.