Bitstamp Plans to Integrate a New Platform to Spot Market Manipulation
- The exchange will be partnering up with Irisium Ltd. in an attempt to improve the reliability and safety of its marketplace, through the use of their surveillance platform.
- Irisium state of the art technology will help with monitoring the market for any suspicious activity and market manipulation.
According to a press release published yesterday, Bitstamp, the largest cryptocurrency exchange by trading volume in Europe, will be implementing a new platform to improve compliance and customer protection.
The exchange will be partnering up with Irisium Ltd. in an attempt to improve the reliability and safety of its marketplace, through the use of their surveillance platform. Irisium state of the art technology will help with monitoring the market for any suspicious activity and market manipulation. Bitstamp’s CEO and founder, Nejc Kodric, said in a statement:
“Our desire is to guarantee a fair and orderly market which reflects genuine supply and demand. Exploring new frontiers in preventing market manipulation is essential for the industry to mature.”
According to their website, Irisium is already utilised by European regulators for the monitoring of market abuse under MAR (Market Abuse Regulation) and MiFID II (Markets in Financial Instruments Directive).
These news follow after the recent partnership between Bitstamp and Cinnober, a Sweden-based, leading technology provider to international stock exchanges, marketplaces and clearing houses, as well as a partial owner of Irisium.
The partnership between Cinnober and Bitstamp was announced on the 5th of November in a press release. The announcement states that Bitstamp will be replacing its in-house developed matching engine with Cinnober’s TRADExpress trading system in an attempt to increase the capacity and capabilities of its marketplace.
Bitstamp was founded in 2011, and is one of the four bitcoin exchanges that have provided pricing data for the Chicago Mecantile Exchange’s (CME).
- Bitstamp, the world’s longest-running crypto exchange, has been raising funds since late June, with its advisor being Michael Novogratz’s Galaxy Digital.
- The new funds will reportedly be used to launch a new derivatives platform in Europe, expand to new markets in Asia, scale its operations in the U.K..
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- Bitstamp’s inactivity fee, which was meant to go live on 1 August, was canceled less then a week after it was originally announced.
- The scheme was supposed to charge a €10 fee from customers who had less then €200 in their accounts, and had been inactive for more than 12 months.
- Tether and Bitcoin led the way, with $6.359 and $6.106 trillion yearly trading volume in 2019, respectively.
- The total trading volume of the top 10 crypto assets grew by 208% and 247% in 2018 and 2019 respectively.