Ecosystem pioneer and crypto exchange Bitstamp has partnered with Irisium, an exchange monitoring and customer surveillance firm, in an attempt to eschew fears about market manipulation and other violations of financial law. The exchange’s stated goal is to “enhance customer protection and market integrity.”
Bitstamp Partners with Irisium
PARTNERSHIP TO ENHANCE CUSTOMER PROTECTION AND MARKET INTEGRITY is a letter to the crypto exchange’s customers, announcing partnership with analytics software company, it plans to “use Irisium’s holistic monitoring platform to gain further insights into market activity. Our goal is to enhance customer protection and market integrity,” they explained, “which we believe are crucial pursuits as the crypto industry continues to grow and evolve.”
Bitstamp, now based in Luxembourg, is considered a venerable exchange within the ecosystem, and was founded by well-known Bitcoiner Nejc Kodrič and Damijan Merlak about seven years ago as an answer to the ill-fated Mt. Gox, then gobbling up a significant portion of the market. It supports Bitcoin Cash, Bitcoin Core, Ripple, Litecoin, Ethereum, Bitcoin Cash, trading in dollars while accepting the EU’s Single Euro Payments Area.
It has long sought to be above-ground, compliant with existing regulations, and for about the last five years it has moved against money laundering by instituting know-your-customer (KYC) policies, requiring users to provide passport copies and physical addresses. of their passports and official records of their home address. It is a fully regulated in the European Union as a payments platform. It’s also reference point for CME futures.
Long Term, Developed by Regulatory and Market Experts
Bitstamp CEO and founder Nejc Kodrič noted, “We are committed to crypto in the long-term. Our desire is to provide a fair and orderly market which reflects accurate supply and demand. In order for the industry to mature, effective market monitoring is crucial. We are cooperating closely with Irisium and will leverage their significant experience to provide a more robust and transparent trading venue for our customers.”
Irisium bills itself as a solution “used by exchanges, regulators, buy and sell side firms to monitor for market abuse and to carry out a range of data analytics,” providing “a unique level of insight and context allowing our clients to efficiently monitor their business and manage risk with confidence.” It has been around about as long as Bitstamp, and is owned by KRM22 and Cinnober Financial Technology.
The monitoring firm promises, “360˚ surveillance,” which will allow Bitstamp “to capture and analyse disparate data sets, such as, trade and order, social media, voice communications and behavioural data,” in an effort “to more accurately identify potential market abuse and make more informed decisions when investigating alerts and working through cases.”
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