NASDAQ Releases Bitcoin Exchange On-boarding Surveillance Tools to Combat Market Manipulation
By Jamie Green – Crypto Broker
The second largest stock exchange in the world by market capitalisation, NASDAQ has revealed a comprehensive onboarding process for Bitcoin exchanges to support buying and selling Bitcoin. They are using proprietary surveillance tools to fight wash trading and market manipulation. They have confirmed that seven platforms have already been onboarded for the tools.
With a team of 20 focused on due-diligence checks, the market to exchange Bitcoin market wants to start using NASDAQ’s surveillance technology. Each applicant is examined by the team which has the technical capacity to use the tools and best practice to support the onboarding procedure in three main areas. The areas consist of business model, KYC/AML protocols and exchange governance/controls.
Tony Sio, Exchange and Regulator Surveillance chief has said: “Historically, we don’t do such a large vetting process for our clients because they are much more well-known. But as we started working with less well-known names, start-ups, then we realised we needed to do this check process.”
The firm had said in November 2018 that their trading surveillance technology could be the prime way to battle the market manipulation, which has been one of the largest reasons why a Bitcoin exchange traded fund is yet to be approved to exchange crypto. SBI Virtual Currency and Gemini have already completed the vetting process.
The buying and selling crypto ambitions are making an impact in the stock exchange space, with NASDAQ planning to launch Bitcoin futures trading by the end of Q1 2019. The company also joined forces with Fidelity Investments in December 2018 to raise $27.5 million for a new Bitcoin exchange.
Having NASDAQ step up on crypto assets and create an onboarding tool will lessen the risk when buying and selling Bitcoin online to make it a more trusted industry. To buy and sell crypto UK with us just click here to head to our platform.