Bybit EU collaborates with Nasdaq on surveillance of financial markets
In a significant move to bolster investor safeguards in the cryptocurrency market, Bybit EU, the European branch of the world's second-largest cryptocurrency platform by trading volume, has partnered with global financial technology company Nasdaq.
Under the terms of the agreement, Bybit EU will deploy Nasdaq's market surveillance technology, which is supplied as a Software-as-a-Service (SaaS) offering. This technology comes equipped with audit, reporting, and case management capabilities, enabling Bybit EU to monitor trading activities more effectively.
The partnership is in response to the European Union's advocacy for stronger investor safeguards, particularly in light of the implementation of the Markets in Crypto-Assets Regulation (MiCAR). MiCAR requires exchanges to implement stricter monitoring and reporting procedures, and the Nasdaq Market Surveillance technology will aid Bybit EU in complying with these regulations.
Ed Probst, Head of Regulatory Technology at Nasdaq, expressed his enthusiasm for the partnership, stating, "This collaboration demonstrates the benefits of incorporating comprehensive market data into a surveillance framework to protect against critical threat scenarios."
The Nasdaq Market Surveillance technology is renowned for its effectiveness in pattern analysis and access to extensive market data. It also boasts tools for detecting manipulation tactics such as spoofing, layering, and cross-market misuse.
Mazurka Zeng, Managing Director and CEO of Bybit EU, emphasised the partnership's significance, saying, "This agreement demonstrates our commitment to providing secure, transparent, and fully compliant digital asset trading." Zeng also welcomed the opportunity to partner with Nasdaq, whose innovative technology and unparalleled surveillance expertise help safeguard the resilience and integrity of their marketplace.
The technology deployment is not a new feat for Nasdaq, as more than 50 cryptocurrency exchanges and 20 regulators worldwide currently use its market surveillance technology. The company behind this technology is DeFi Technologies Inc. through its subsidiary Valour.
The modular architecture of the Nasdaq Market Surveillance technology allows exchanges to respond swiftly to evolving local obligations. Nasdaq's decades of experience and ongoing investment in infrastructure ensure that the system changes in response to new regulatory demands.
The partnership between Bybit EU and Nasdaq is intended to build trust with investors amid increased scrutiny of crypto markets by regulators. Bybit EU believes that the technology will aid in the prevention and detection of market abuse, further strengthening investor confidence in the platform.
Nasdaq remains committed to advancing trust and resilience across the digital asset ecosystem. This partnership is a testament to their ongoing efforts to ensure the safety and security of digital asset trading for all participants.
Read also:
- Understanding Hemorrhagic Gastroenteritis: Key Facts
- Trump's Policies: Tariffs, AI, Surveillance, and Possible Martial Law
- Expanded Community Health Involvement by CK Birla Hospitals, Jaipur, Maintained Through Consistent Outreach Programs Across Rajasthan
- Abdominal Fat Accumulation: Causes and Strategies for Reduction
