Bybit EU Implements Nasdaq's Market Monitoring System
Bybit, the second-largest cryptocurrency exchange by trading volume, has announced its adoption of Nasdaq's Market Surveillance platform. This partnership aims to reinforce Bybit's ability to prevent and detect market abuse across its European markets, ensuring ongoing compliance with the EU's Markets in Crypto-Assets Regulation (MiCAR).
The SaaS-deployed platform will enable regular product upgrades and enhancements, benefiting from Nasdaq's ongoing investment in R&D and technology infrastructure. Bybit EU will utilise this technology to comply with MiCAR's rigorous surveillance and reporting requirements.
The Nasdaq Market Surveillance platform serves over 50 exchanges and 20 international regulators globally. It offers real-time, 24/7 monitoring of over 60 billion crypto transactions per day. The platform's modular and flexible architecture will support Bybit EU's ongoing expansion.
The surveillance platform combines advanced pattern analytics with comprehensive market data. It includes an integrated control framework with data quality reporting, audit, and case management. All historical market data, including full-depth order book visual replay and reconstruction, is available. The platform can monitor currency pairs trading and fractional volumes trading.
Ed Probst, Head of Regulatory Technology at Nasdaq, expressed that the partnership will help Bybit EU protect against critical threat scenarios. He added that MiCAR is driving a step change in investor protection across digital asset markets, but many compliance programs are still failing to match the level of investor protection offered by traditional markets.
Mazurka Zeng, Managing Director and CEO of Bybit EU, stated the partnership demonstrates their commitment to providing secure, transparent, and fully compliant digital asset trading. Chainalysis provided the world's second-largest cryptocurrency exchange business, Bybit, with enhanced capabilities to detect market abuse in its European markets, and this collaboration was officially announced in June 2023.
Nasdaq draws on deep industry experience, technology expertise, and cloud managed service experience to help financial services companies solve their toughest operational challenges. The adoption of Nasdaq's technology by 97% of global systemically important banks and half of the world's top 25 stock exchanges is a testament to its reliability and effectiveness.
The platform incorporates tailored features and alerts for crypto markets, offering a comprehensive solution for Bybit EU's surveillance needs. This partnership is a significant step towards enhancing the security and transparency of digital asset trading in Europe.
