Cryptocurrency exchange Gemini has announced it has passed an independent security compliance audit by Deloitte, in a development the company is hailing as a \u201cworld\u2019s first for a cryptocurrency exchange and custodian.\u201d According to an announcement from the firm, Gemini passed the Systems and Organizational Controls (SOC) 2 Type 1 assessment, which lends further credibility to its pitch to institutional investors and partners. The exchange, which was founded by the Winklevoss twins, Cameron and Tyler, becomes the first to have completed this degree of audit. https:\/\/twitter.com\/winklevoss\/status\/1090268744922755076 According to the American Institute of Certified Public Accountants, \u201cSOC 2 examinations are specifically designed to address controls at a service organization relevant to the systems at the service organization used to process users\u2019 data.\u201d Gemini has suggested the independent assessment demonstrates the firm meets the AICPA trust services criteria, which including \u201csecurity, availability, processing integrity, confidentiality privacy.\u201d In a post on Medium, Yusuf Hussain, head of risk at Gemini, said the review was another step Gemini had taken in demonstrating its commitment to industry best practices. He stated, \u201cAfter months of preparation and an in-depth external review, we are pleased to announce that Gemini has successfully completed its SOC 2 Type 1 examination. This makes Gemini the world\u2019s first cryptocurrency exchange and custodian to demonstrate this level of security compliance in protecting customer data and funds.\u201d \u201cProviding you with a safe and secure platform to buy, sell, and store your cryptocurrency is paramount to our mission to build the future of money. In the traditional financial and technology industries, SOC 2 reviews have become an industry standard for demonstrating security compliance. Our SOC 2 review\u2014coupled with our digital asset insurance\u2014is another step we\u2019ve taken towards raising the bar for consumer protection, safeguards, and industry best practices.\u201d The achievement positions Gemini as a front-runner in the sector, particularly around crypto custody services popular with large institutional investors. The examination will occur on an annual basis, with the firm committed to seeking further types of accreditation to demonstrate its proactive approach to compliance. The company was further audited by BPM in December, which revealed full dollar for dollar reserves backing its stablecoin, Gemini Dollar (GUSD).