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.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards