Bybit EU Adopts Nasdaq's Market Surveillance Platform to Reinforce Compliance with MiCAR
Rhea-AI Summary
Bybit, the world's second-largest cryptocurrency exchange by trading volume, has partnered with Nasdaq (NASDAQ:NDAQ) to implement its Market Surveillance platform for European operations. The technology will help Bybit EU comply with the Markets in Crypto-Assets Regulation (MiCAR) requirements and enhance market abuse detection.
Nasdaq's surveillance platform, which serves over 50 exchanges and 20 international regulators globally, offers real-time monitoring of over 60 billion crypto transactions daily. The system combines advanced pattern analytics with comprehensive market data to detect various forms of market manipulation, including layering, spoofing, and cross-market manipulation.
Positive
- Partnership with Nasdaq enhances Bybit's market surveillance capabilities and regulatory compliance
- Access to Nasdaq's proven technology platform that serves 97% of globally systemically important banks
- Real-time monitoring capability of over 60 billion crypto transactions per day
- Platform's modular architecture supports Bybit EU's expansion plans
Negative
- Indicates increasing regulatory scrutiny and compliance costs in crypto markets
- Suggests current compliance programs in crypto markets may be inadequate compared to traditional markets
News Market Reaction
On the day this news was published, NDAQ gained 0.42%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Institutional-grade technology will enhance the integrity of the world's second-largest cryptocurrency exchange
Surveillance platform combines advanced pattern analytics with comprehensive market data to meet MiCAR obligations
Operating under the company's Bybit EU entity, the technology helps ensure ongoing compliance with the EU's Markets in Crypto-Assets Regulation (MiCAR), which compels digital asset exchanges to implement rigorous surveillance and reporting requirements. The modular and flexible architecture of Nasdaq's surveillance platform will support Bybit EU's ongoing expansion, enabling rapid compliance with local regulatory obligations.
"This agreement demonstrates our commitment to providing secure, transparent, and fully compliant digital asset trading as we continue to grow our business," said Mazurka Zeng, Managing Director and CEO of Bybit EU. "We welcome the opportunity to partner with Nasdaq, whose innovative technology and unparalleled surveillance expertise, help safeguard the resilience and integrity of our marketplace."
"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," added Ed Probst, Head of Regulatory Technology at Nasdaq. "We welcome the opportunity to partner with Bybit EU, who recognize the benefits of incorporating comprehensive market data into its surveillance framework to protect against critical threat scenarios. We look forward to building on this relationship and remain committed to advancing trust and resilience across the digital asset ecosystem."
Building trust in digital markets
Nasdaq Market Surveillance is the most widely used market surveillance technology globally, serving over 50 exchanges and 20 international regulators, helping to maintain the integrity of marketplaces around the world. The platform incorporates tailored features and alerts for crypto markets alongside sophisticated algorithms developed over 30 years of experience. It also benefits from Nasdaq's ongoing investment in both R&D and the underlying technology infrastructure to define industry best practice and maintain compliance with evolving global regulations.
The platform offers access to comprehensive order book data to support real-time decision-making, which is emerging as a critical frontier to prevent and detect market abuse in crypto markets. While certain behavioral indicators can signal potential manipulation, prevention requires exchanges to combine pattern-recognition algorithms with comprehensive market data, overlaid with alerts tailored to specific mechanics of each market. It helps significantly reduce false positives and detect cross-market manipulation, timing-based violations, layering & spoofing, liquidity exploitation and currency & commodity manipulation. Additional functionality includes:
- Real-time, 24/7 monitoring of over 60 billion crypto transactions per day
- Integrated control framework with data quality reporting, audit, and case management
- Ability to monitor currency pairs trading and fractional volumes trading
- Availability of all historical market data including full-depth order book visual replay and reconstruction
- SaaS-deployed to enable regular product upgrades and enhancements
Around the world, Nasdaq's technology is used by
About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.
About Bybit EU
Bybit EU GmbH is the newly established European entity, dedicated to serving clients across the European Economic Area (EEA"*" except
Bybit EU GmbH is a licensed Crypto-Asset-Service Provider under the Markets in Crypto Assets Regulation (MiCAR), authorized to offer the following services to residents of the European Economic Area (except
- providing custody and administration of crypto-assets on behalf of clients;
- exchange of crypto-assets for funds;
- exchange of crypto-assets for other crypto-assets;
- placing of crypto-assets; and
- providing transfer services for crypto-assets on behalf of clients.
Bybit EU GmbH is neither the operator of a trading platform for crypto-assets nor provides investment advice. www.bybit.eu
Cautionary Note Regarding Forward-Looking Statements:
Information set forth in this press release contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward-looking statements can be identified by words such as "will," "enable" and "can" and other words and terms of similar meaning. Such forward-looking statements include, but are not limited to, statements related to the benefits of Nasdaq's Market Surveillance technology solution. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq's control. These risks and uncertainties are detailed in Nasdaq's filings with the
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SOURCE Bybit
FAQ
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