In a First For Crypto, Custodian and Exchange Gemini Passes SOC 1 Type 1 Examination

2020-4-22 22:22

The exchange and custodian – Gemini – made the announcement on April 21 that they have concluded a Standard Financial Operations Compliance 1 Type 1, of which their client's controls and financial operations reporting were covered.

With this new examination, performed by Deloitte & Touche LLP, Gemini has become the first exchange and custodian in the world to comply with the very high standards when it comes to financial operations.

The SOC 1 Type 1 examination is conducted independently and validates that a company has its financial operations and reporting controls for mitigating the risk of data loss, omission or a significant error in place.

Gemini Brings a Standard of Excellence to the Crypto Space

SOC 1 is recognized on an international level in traditional financial services. Not to mention that it brings a standard of excellence to the crypto industry, overall. Here’s what the head of risk at Gemini, Yusuf Hussain, said in a blog post about Gemini completing this examination:

“By completing a SOC 1 Type 1 examination, our customers can confidently conduct, and subsequently attest to, their business on the Gemini platform.”

He added that the company executes many “complex financial transactions” for customers and that the examination was vital to both Gemini’s custody and exchange platforms. With the SOC 1 Type 1 now completed, the design, implementation, and integrity of transactions at Gemini are validated.

Gemini Will Conduct a SOC 1 Type 2

The same blog post signed by Hussain says Gemini will annually complete a SOC 1 Type 2 examination. The routine examination will verify if the custodian and exchange’s reporting controls and financial operations aren’t only properly designed and implemented at one point in time, but also if they were operating in an effective manner over an extended period of time.

Gemini Can Be Trusted

With the SOC 2 Type 1 and the SOC 2 Type 2 previously conducted examinations, Gemini proves how it gives a lot of importance to security and has products that can be trusted.

The SOC 1 Type 1 exam that the custodian and exchange have just passed indicates the company is striving to achieve the highest standards when it comes to financial operations compliance for its clients to be benefited.

[Also Read: Gemini Rolls Out ‘Nakamoto' In-House Crypto Insurance Firm With $200M In Coverage]

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Safe Exchange Coin (SAFEX) на Currencies.ru

$ 0.0054306 (-0.25%)
Объем 24H $1.742k
Изменеия 24h: 1.41 %, 7d: -8.63 %
Cегодня L: $0.0053635 - H: $0.0055227
Капитализация $6.099m Rank 99999
Доступно / Всего 1.123b SAFEX

operations financial gemini type custodian exchange compliance

Источник: bitcoinexchangeguide.com

operations financial → Результатов: 126


Фото:

Swiss Financial Watchdog Proposes $1,000 Client Identification Threshold for Crypto Transactions

Famous for its favorable business climate that has attracted hundreds of crypto companies, Switzerland is now expanding its financial regulatory framework. Some of the upcoming rules will increase oversight in the blockchain industry in compliance with new international standards regarding operations with digital assets.

2020-2-8 07:45


South Africa’s Financial Regulator Dismisses Karatbars (KBC) Crypto Assets As A Financial Product

Karatbars International controversial KBC coin will no longer be getting attention from South Africa’s financial markets regulator, the Financial Sector Conduct Authority (FSCA). The regulator had earlier on issued a warning terming the KBC coin a ‘fraud’; German’s BaFin also made similar moves in response to Karatbars operations within its jurisdiction. FSCA Vs Karatbars International […]

2019-12-19 18:06


Фото:

CULedger’s Blockchain Identity Solution Adopted by Three Credit Unions

CULedger, a leading credit union service organization (CUSO) headquartered in Denver, United States, has announced that three credit unions, including TruWest Credit Union, Desert Financial Credit Union, and Unify Financial Credit Union, have successfully integrated its MyCUID distributed ledger technology (DLT) based identity verification solution into their operations, reports FintechFutures on December 16, 2019.

2019-12-17 02:00


Фото:

Bitcoin-Friendly Bank SEBA Expands to Nine More Countries

SEBA Bank AG, a Swiss-based, lender licensed by the nation’s Financial Market Supervisory Authority (FINMA) to offer a range of traditional banking services as well as cryptoassets products to its clients, has now expanded its operations to nine new jurisdictions including Italy, Germany, and Singapore, among others, according to reports on December 12, 2019.

2019-12-12 13:43


Fintech Startup OPay Backed by Opera Gets $120M Investment to Expand Its Africa Operations

OPay, headquartered in Lagos, Nigeria has raised $120M from a horde of high-profile Chinese venture capitalists as part of its series B round of financing. OPay was launched in 2018 by Opera, the web browser primarily focuses on creating digital compensation solutions that can be used to enhance financial inclusion. According to what the company’s […]

2019-11-18 19:16


New Blockchain Alliance By Chinese Authorities Aims to Improve Trade Finance

Blockchain technology is continually finding itself in different use cases, and the municipal Shanghai government is setting out to improve the use of this fintech for global trade. The collaboration is between the authorities and financial institutions, establishing an alliance that will improve the operations for trade finance. According to reports by The Block and […]

2019-11-8 00:36


EXXA Crypto Wallet: Legit Blockchain Wealth Management Platform?

Exxa is a digital company that aims to help people achieve financial freedom and independence by tapping on the game-changing potential of digital currencies. However, based on its operations and the information provided on its website, investors should find more information regarding this company before they put money into it. Exxa claims to have a […]

2019-10-9 08:20


Formosa Financial merges with CEZEX & Katalyse to enhance digital asset ecosystem

CryptoNinjas Formosa Financial, a one-stop platform for managing digital assets, announced that it will merge its operations with CEZEX Digital Asset Exchange and Katalyse. io. Together, the three businesses will combine to form a comprehensive ecosystem enabling an integrated solution for digitizing assets from token issuance, listing, treasury management, and trading of any digital asset.

2019-5-28 17:44


Фото:

Tether and Bitfinex Ask New York Attorney General for Fund Accessibility

Attorneys for Tether and Bitfinex are hoping to get the former access to its reserves amid a legal dispute with New York Office of the Attorney General (NYOAG). In a letter sent to the New York County Supreme Court, attorneys representing iFinex (the parent organization of Bitfinex) and Tether took issue with the restrictions that had been placed on Tether's transactions with related parties as part of an ongoing case against them, stating that the NYOAG had no basis for disallowing tether (USDT) holders and other affiliated entities from redeeming their tokens.

2019-5-16 18:51


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Coinbase Is Dominating a Key Bitcoin ETF Service

The race to provide a key bit of infrastructure for bitcoin [BTC] ETFs – custody services – hasn't actually been much of a race so far. Crypto exchange Coinbase has dominated so far, winning the job from the majority of applications from the likes of BlackRock, WisdomTree and Valkyrie.