Nasdaq: We partner with seven exchanges …
Nasdaq: We partner with seven cryptocurrency exchanges
Seven cryptocurrency platforms have been selected by the Nasdaq exchange to date to use technology that it uses itself to counter fraudulent and manipulative tactics, writes Forbes. The names of two of them are known – these are Gemini and SBI Virtual Currency.
A team of approximately 20 people helps Nasdaq select trading platforms that are technically capable and morally qualified to use its software. “Historically, we have not applied such a large-scale selection process to our clients because most of them were much more famous. However, starting to work with lesser-known players, start-ups, we realized that we need to introduce this verification, “- said the head of the team for regulatory oversight Tony Sio.
He also revealed details of how exactly cryptocurrency exchanges that are interested in Nasdaq technology are verified. Not everyone gets approval, Sio said..
The first section of questions is devoted to the “business model” of exchanges, including “the reputation of products traded on their sites.” Nasdaq is interested in who and how uses cryptocurrency assets, for example, whether they were used to buy drugs.
The second section deals with money laundering and customer identification issues. As in the previous section, the most important questions here relate to reputation: “What is the company’s organizational structure and the track record of its founders (for example, experience in the technology industry and in the financial markets)?”
The third and final part deals with token listing standards. While some exchanges, such as Circle and Coinbase, publicly disclose their listing criteria, others follow a more closed process, which entails additional opportunities for fraud..
SBI Virtual Currencies, a Japanese financial conglomerate SBI Holdings, announced it would begin using the Nasdaq system in June. American crypto marketplace Gemini made a similar announcement in April.
“We work with the cryptocurrency sector because we see it as a growing asset class. We provide technology suitable for matching applications and tracking suspicious activity to help our clients develop their own marketplaces, ”added Sio.
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