Bybit EU Integrates Nasdaq's Market Monitoring System
Bybit, the world's second-largest cryptocurrency exchange by trading volume, has announced a partnership with Nasdaq to bolster its market monitoring capabilities. Bybit EU, the European entity of the exchange, will be using Nasdaq's Market Surveillance platform to ensure compliance with the EU's Markets in Crypto-Assets Regulation (MiCAR).
The partnership aims to provide secure, transparent, and fully compliant digital asset trading. Mazurka Zeng, Managing Director and CEO of Bybit EU, stated, "This partnership demonstrates our commitment to investor protection and reinforces our ability to prevent and detect market abuse across our European markets."
Ed Probst, Head of Regulatory Technology at Nasdaq, expressed that the partnership will help Bybit EU protect against critical threat scenarios. The Nasdaq platform incorporates tailored features and alerts for crypto markets, including real-time, 24/7 monitoring of over 60 billion crypto transactions per day.
The modular and flexible architecture of Nasdaq's surveillance platform will support Bybit EU's ongoing expansion. It offers access to all historical market data, including full-depth order book visual replay and reconstruction. The platform can monitor currency pairs trading and fractional volumes trading.
The adoption of Nasdaq's platform is a significant step towards enhancing the integrity of Bybit EU. The platform includes an integrated control framework with data quality reporting, audit, and case management. It benefits from Nasdaq's ongoing investment in R&D and technology infrastructure, and is SaaS-deployed to enable regular product upgrades and enhancements.
Nasdaq Market Surveillance serves over 50 exchanges and 20 international regulators globally. The technology is used by 97% of global systematically important banks and half of the world's top 25 stock exchanges.
MiCAR, the EU's Markets in Crypto-Assets Regulation, compels digital asset exchanges to implement rigorous surveillance and reporting requirements. Bybit's partnership with Nasdaq will reinforce its ability to meet these requirements and maintain the trust and resilience of its users across the digital asset ecosystem.
As a scaled platform partner, Nasdaq helps financial services companies solve their toughest operational challenges while advancing industrywide modernization. The technology is expected to advance trust and resilience across the digital asset ecosystem.
