In a bid to improve the credibility of its financial operations, popular cryptocurrency exchange and custodian, Gemini has announced its successful completion of the SOC 1 Type 1 examination.
According to an official announcement today, Gemini noted that the exam, which was conducted by Deloitte & Touche LLP would help verify the authenticity of all financial operations and reporting controls carried out on its platform.
SOC 1 Type 1 examination is conducted mainly to check if an organization is capable of providing customers with relevant information on its financial operations at a specific time, in order to mitigate the risk of future data loss, omission, and any significant error.
The SOC 1 Type 1 reports are mostly used to validate the design and implementation of a financial organization’s operations, as well as the integrity of its corresponding financial statements.
Gemini becomes the first in crypto
Before this time, this exam is mostly carried out mainly on traditional financial institutions, including banks. Gemini said in the announcement that it is proud to introduce the service to the cryptocurrency industry, thus making it “the first cryptocurrency custodian and exchange to demonstrate this high standard of financial operations compliance.”
As per the report, the development is an essential feat for both customers and the exchange, as the SOC 1 Type 1 examination goes to prove the transparency of the exchange’s operations while giving users the needed confidence to conduct transactions on the platform.
The U.S-based exchange further announced that it would be examined for SOC 1 Type 2, but this time, it will be done on an annual basis.
The SOC 1 Type 2 examination further guarantees whether a firm’s financial operations and reporting controls have been designed and implemented effectively over a while.
Gemini’s focus on building users’ trust
Gemini concluded that it is focused on building trust in the hearts of its users by undergoing rigorous exercise to achieve the highest standards of financial operations compliance.
This is not the first time that Gemini will be making efforts to build trust and guaranty users’ safety on its platform, as the exchange announced earlier this year the launch of its in-house insurance firm with coverage $200 million to increase the safety of the digital assets in its custody.
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