U.S.-based crypto exchange and custodian Gemini has finished a SOC 2 Type 2 evaluation, proving the performance'southward security.

"The Type 2 is the highest level of security compliance that whatever organization can demonstrate," Gemini'south head of risk, Gemini Yusuf Hussain, told Cointelegraph in an interview near the Jan. 23 annunciation.

Compliance focus

In grooming for its SOC ii Type 2 evaluation, Gemini achieved its SOC ii Blazon one inspection in 2022, completed by auditing behemothic Deloitte. The accounting behemoth also completed Gemini's SOC 2 Blazon 2 inspection, Hussain mentioned.

A regulatory-focused company, Gemini places a high level of importance on compliance and security with the intent of garnering client trust, Hussain explained.

Indeed, Gemini released an advert campaign a twelvemonth ago, in which one of several slogans to announced on buses and placards was "Crypto needs rules."

Noting the importance of protection, Gemini's caput of risk said, "Doing security wrong in this industry will result in direct loss of customer funds."

Broad evaluation

The SOC 2 Type 2 examination includes Gemini'southward trading and investing platform, as well equally its custody services, Hussain said. "We're the merely crypto substitution and custodian to demonstrate this level of security compliance of getting a SOC 2 Blazon two," he pointed out.

Additionally, Gemini has plans to undergo a SOC 2 Blazon 2 evaluation every yr going forward, co-ordinate to a argument Gemini provided to Cointelegraph.

Before this month, Gemini launched Nakamoto, Ltd., an insurance visitor for its crypto custody service.