#NASDAQ #Bybit #Dubai #MiCAR

Bybit Collaborates with Nasdaq for Enhanced Compliance

In a significant move for the cryptocurrency industry, Bybit, recognized as the second-largest cryptocurrency exchange by trading volume, has partnered with Nasdaq to adopt its Market Surveillance platform. This strategic step is directed towards ensuring compliance with the European Union's Markets in Crypto-Assets Regulation (MiCAR), which mandates that digital asset exchanges implement stringent safeguards against market abuse.

The integration of Nasdaq’s advanced surveillance technology will bolster Bybit's capabilities in preventing and detecting market manipulation activities across its European operations. Under the Bybit EU entity, this transition showcases a strong commitment to legal adherence while enhancing the overall trading environment, ensuring that it remains safe and transparent for users.

Commitment to Robust Compliance

Mazurka Zeng, Managing Director and CEO of Bybit EU, emphasized the significance of this partnership, stating, “This agreement demonstrates our commitment to providing secure, transparent, and fully compliant digital asset trading as we continue to grow our business.” By integrating Nasdaq’s sophisticated tools, Bybit aims to set a benchmark in the crypto marketplace by driving compliance and enhancing user trust.

The MiCAR regulations have emerged as a landmark in the landscape of digital assets, introducing an array of compliance requirements that must be adhered to by exchanges. Many existing compliance mechanisms have been criticized for falling short when compared to traditional financial markets. Nonetheless, Bybit’s adoption of Nasdaq’s state-of-the-art technology positions it ahead in the race for regulatory adherence, aiming to offer investor protection akin to that found in more established markets.

Advanced Surveillance Capabilities

Nasdaq's Market Surveillance platform boasts a robust architecture that combines sophisticated pattern analytics with a comprehensive view of market data. This advanced framework not only assists in fulfilling MiCAR obligations but also empowers Bybit to react swiftly to evolving regulatory landscapes as it expands its operations further in Europe.

The system is noted for its ability to track over 60 billion crypto transactions daily, using advanced algorithms developed through decades of experience in monitoring and ensuring market integrity. This level of oversight is essential in the cryptocurrency environment where rapid transactional timelines can lead to potential market abuses, including manipulation tactics, spoofing, and other fraudulent activities.

Moreover, the platform's real-time monitoring capabilities provide urgent alert systems tailored to specific market mechanics, aiding Bybit in distinguishing genuine trading practices from potentially abusive ones.

Building a Safer Digital Market

Nasdaq stands as a leading authority in market surveillance, servicing over 50 exchanges and 20 regulators globally. The incorporation of its platform into Bybit’s operations marks a significant turning point in fostering trust within the digital markets. “We welcome the opportunity to partner with Bybit EU, who recognize the benefits of incorporating comprehensive market data into its surveillance framework,