KEY TAKEAWAYS
- Bybit EU adopts Nasdaq’s Market Surveillance platform to enhance compliance with the EU’s MiCAR regulations.
- Nasdaq’s platform offers real-time monitoring and advanced analytics to detect and prevent market abuse in crypto markets.
- This partnership underscores Bybit’s commitment to secure and transparent digital asset trading in Europe.
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced the adoption of Nasdaq’s Market Surveillance platform. This move aims to bolster the exchange’s ability to prevent and detect market abuse across its European markets.
Operating under Bybit EU, the technology is designed to ensure compliance with the European Union’s Markets in Crypto-Assets Regulation (MiCAR). MiCAR mandates digital asset exchanges to implement stringent surveillance and reporting measures. The modular architecture of Nasdaq’s platform will support Bybit EU’s expansion, facilitating rapid compliance with local regulatory obligations.
Enhancing Market Integrity with Advanced Technology
Nasdaq’s Market Surveillance platform is renowned for its global application, serving over 50 exchanges and 20 international regulators. It combines advanced pattern analytics with comprehensive market data to meet MiCAR obligations. The platform’s sophisticated algorithms, developed over three decades, are tailored for crypto markets, offering real-time decision-making capabilities to detect and prevent market abuse.
The platform provides real-time, 24/7 monitoring of over 60 billion crypto transactions daily. It includes features such as integrated control frameworks, data quality reporting, and the ability to monitor currency pairs and fractional volumes. This comprehensive approach helps reduce false positives and detect various forms of market manipulation.
Commitment to Secure and Transparent Trading
Mazurka Zeng, Managing Director and CEO of Bybit EU, emphasized the importance of this partnership with Nasdaq, highlighting the commitment to secure and transparent digital asset trading. Ed Probst, Head of Regulatory Technology at Nasdaq, noted that MiCAR is driving significant changes in investor protection across digital asset markets. He expressed enthusiasm for the partnership with Bybit EU, recognizing the benefits of incorporating comprehensive market data into its surveillance framework.
Nasdaq’s technology is widely used by major financial institutions, including 97% of the world’s systematically important banks and half of the top 25 stock exchanges. This partnership with Bybit EU underscores the ongoing efforts to advance trust and resilience in the digital asset ecosystem.
Why This Matters: Impact, Industry Trends & Expert Insights
Bybit EU’s integration of Nasdaq’s Market Surveillance platform represents a strategic move to enhance compliance with the European Union’s Markets in Crypto-Assets Regulation (MiCAR). This partnership aims to improve market integrity by leveraging advanced surveillance technology.
Recent industry reports indicate that MiCAR compliance imposes strict regulatory obligations on crypto service providers across the EU. This development is crucial as Bybit’s adoption of Nasdaq’s platform aligns with these regulatory requirements, enhancing transparency and investor protection within the crypto markets.
As per insights from CoinCentral, Nasdaq’s market surveillance technology plays a critical role in modernizing regulatory oversight for both traditional and crypto markets. This supports Bybit’s efforts to enhance market transparency and fraud detection, reinforcing its compliance with MiCAR regulations.
Explore More News:
Disclaimer: The views expressed in this article are those of the authors and do not necessarily reflect the official policy of CoinsHolder. Content, including that generated with the help of AI, is for informational purposes only and is not intended as legal, financial, or professional advice. Readers should do their research before taking any actions related to the company and carry full responsibility for their decisions.
