Winklevoss’ Gemini Cryptocurrency Exchange Scores Another Security Qualification

The Winklevoss brothers’ Gemini cryptocurrency custodian and exchange has obtained a new security qualification, SOC 1 Type 1.

According to an April 21 blog post by the company’s head of risk, Yusuf Hussain, Gemini became the world’s first digital currency custodian and exchange that was granted a Service Organization Control (SOC) 1 Type 1 certification. The examination was carried out by Big Four accounting firm Deloitte.

Meeting high security standards

Passing an SOC 1 review means that Gemini’s financial operations and customer reporting controls comply with requirements set by the American Institute of Certified Public Accountants. Basically, the examination proved that Gemini is capable of mitigating the risk of significant error, omission and data loss. Hussain noted:

“While vital to both our exchange and custody platform, the SOC 1 Type 1 is particularly important to our exchange operations, which execute a significant volume of complex financial transactions for our…