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The NASDAQ says it can drive the fight against market manipulation and the fraud that is affecting the cryptocurrency market. Indeed, some exchange platforms are already adopting the market surveillance technology of the exchange operators.
Help fight cryptocurrency fraud
Second Bloomberg, the US giant bag holds that it can solve some of the problems of crypto – fraud and manipulation of the market. In a report published on November 1, Nasdaq noted that he had extensive experience in addressing the complexities of the asset trading market.
A section of the Nasdaq report reads:
Regulators, brokers and exchanges have surveillance teams that constantly monitor the activities and advanced technologies to help capture and analyze abusive behavior, including pump-and-dump schemes, insider trading, wash trading, spoofing and layering.
Many virtual currency critics are quick to point out the lack of sound rules in the industry as an incentive for all types of illegal business practices. In the United States, the Justice Department in collaboration with the CFTC has begun to investigate charges of price manipulation in Bitcoin 00 commercial arena.
Exchanges already using
According to Nasdaq, some major players in the cryptocurrency trading space are already using its market surveillance technology.
In mid-2018, Bitcoinist reported that Gemini, SBI Virtual Currencies and three other platforms were already using Nasdaq's SMARTS technology. With more developments in the cryptocurrency trading space, the company seems to be in great demand.
Talking about Bloomberg, the head of the exchange and regulatory oversight at the exchange rate operator, Tony Sio, said:
Now we are approaching every week or two. We will not work with all these companies even if many of them are already in the initial stage or not yet reliable.
Nasdaq is hugging Crypto
For the Nasdaq, from the beginning of 2018, it was the case to move from an attempt to a more concrete involvement in the emerging virtual currency industry. The CEO, Adena Friedman, on many occasions expressed confident feelings about the prospects of cryptocurrencies, reaffirming the need for more robust regulations.
Reports indicate that the company wants to open a cryptocurrency exchange platform. However, these plans are based on the emergence of an adequate regulatory framework for industry.
Can Nasdaq's market surveillance technology prevent fraud and manipulation? Let us know below!
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