Renowned cryptocurrency exchange platform, Bybit, announces the adoption of Nasdaq’s Market Surveillance solution to enhance the detection and prevention of market abuse across Europe.
By adopting this new technology, Bybit Europe ensures its compliance with the EU’s Markets in Crypto-Assets Regulation (MiCAR), which compels digital asset exchanges to enforce stronger surveillance and reporting requirements. At the same time, Nasdaq’s modular and flexible architecture will allow Bybit Europe to boost its expansion, benefitting from rapid compliance with local regulations.
More about the agreement
As Bybit continues its expansion across Europe, it requires stronger compliance platforms to provide secure, transparent, and fully compliant digital asset trading. Nasdaq’s new technology can provide that, as well as increased surveillance expertise, to safeguard the resilience and integrity of the crypto trading marketplace.
MiCAR is one of the many regulations in the crypto exchange industry throughout Europe aiming to ensure transparent and secure transactions while remaining compliant with local laws that protect the customer and their assets. By partnering with Bybit Europe, Nasdaq will help protect against critical threat scenarios and deliver trust in the system.
The future of digital markets with Nasdaq Market Surveillance
The Nasdaq Market Surveillance is the most widely used market surveillance system in the world, serving 20 international regulators and more than 50 crypto exchanges. It is also used by 35 central banks and around 4,000 clients across the financial services industry.
The platform grants access to order book data to support real-time decisioning, an important feature in detecting and preventing market abuse. Among its functionalities, we can name real-time, 24/7 monitoring of more than 60 billion crypto transactions daily, an integrated control framework with data quality reporting, audit, and case management, as well as the ability to monitor currency pairs trading and fractional volume trading.
