Gemini clears new Deloitte audit in bid to appeal to Wall Street

As reported by CoinDesk, Gemini, a leading U.S.-based exchange has completed its System and Organization Controls (SOC) 1 Type 1 examinations that attest to Gemini's financial reporting obligations. The report was completed by Deloitte and is intended to ensure Gemini's systems are resilient to data errors and losses in important data. The firm has already completed SOC 2 Types 1 and 2 reports and intends on repeating the SOC 1 Type 2 report annually.

Why it matters

• Gemini has historically marketed itself as the most regulated crypto exchange and it is because they have gone to extensive lengths to remain compliant. As they complete more of these audits, they are signaling to traditional financial institutions they are transparent and trustworthy, characteristics that haven't typically been attached to crypto exchanges.
• These efforts have paid off for Gemini as it has opened the door to running pilots with some of the biggest players on Wall Street such as State Street Bank. As these large institutions begin their foray into crypto they will continue to look to partner with firms like Gemini that can instill confidence in their ability to play by the rules.