Bybit EU, the European entity of cryptocurrency exchange Bybit, has adopted Nasdaq’s Market Surveillance platform. The firm reveals in a press release that the platform is meant to ensure it complies with the EU’s Markets in Crypto-Assets regulation (MiCA).
The platform supports real-time decision making by providing access to comprehensive order book data. This data, used in combination with pattern recognition algorithms and alerts tailored to the specific mechanics of different markets, can “reduce false positives and detect cross-market manipulation, timing-based violations, layering and spoofing, liquidity exploitation, and currency and commodity manipulation”.
Designed to be modular with a flexible architecture, the platform is expected to work well with Bybit’s expansion.
Ed Probst, head of Regulatory Technology at Nasdaq says, “MiCAR is driving a step change in investor protection across digital asset markets, but many compliance programmes are still failing to match the level of investor protection offered by traditional markets.”
