Gemini Exchange Meets Requirements Of Auditors
Winklevosses’ Gemini reported the successful completing of an audit, organized by Deloitte. According to the blog, the crypto platform initially put safety first, so the independent experts recognized its compliance with the standards of the American Institute of Certified Public Accountants (AICPA).
Gemini became the first digital exchange audited by the Service Organization Control (SOC) 2 standard. It means the platform meets the declared criteria of confidentiality and has enough available funds.
During the review, the Deloitte experts observed the exchange's application, its infrastructure and crypto storage, which serves as the custodian of private keys for hot and cold wallets. Thus, Gemini has proven it can protect the personal data of users and their funds.
However, Winklevoss brothers are not planning to end their achievements and prepare to pass the next level audit on the SOC 2 standard in 2019. The review will analyze the effectiveness of the exchange’s internal control. The company also announced a desire to conduct such examinations on an annual basis.
Gemini began its operation in 2015 in the United States, receiving approval from the New York State Department of Financial Services. The regulated international platform is designed for both private traders and large institutional clients.
According to CoinMarketCap as of January 30, the daily trading volume on Gemini was close to $14 million.
In January 2019, Gemini launched a promotional campaign for the improvement of regulation. Banners began appearing across New York, explaining the importance of crypto laws and digital assets control.
Besides, Gemini will continue to fight for the creation of a bitcoin-ETF.