BitBuy relies on Eventus for trade surveillance

Eventus Systems, provider of multi-asset class trade surveillance and market risk solutions for customer bases such as broker-dealers, banks and crypto exchanges, has gained its first Canadian client, BitBuy.

BitBuy is Canada’s first cryptocurrency trading platform to be regulated as a marketplace. The company is using the Eventus Validus platform to meet all of its trade surveillance needs.

Based in Toronto, Bitbuy’s mission is to provide its clients the best global prices, the deepest liquidity, and the most digital asset products in Canada with a convenient, dependable, and secure platform. The company boasts more than 375,000 users and $4.4bn transacted through its platform.

Its compliance department is using Validus to help ensure its market operates with integrity, monitoring client trading behaviour and identifying any potentially problematic activity that requires further investigation.

Early last year, Canadian regulators introduced a new regulatory framework for cryptocurrency trading platforms that included a requirement for platforms that run a marketplace to survey participants within their markets. The use of Validus vastly expands Bitbuy’s capabilities to fulfil its regulatory requirements and provides the necessary infrastructure to accommodate future growth.

Michael Arbus, Bitbuy CEO, said, “When we reviewed the Eventus solution, combined with our new regulatory requirements, we knew we had found a long-term surveillance partner.  Eventus provided superior advisory services throughout the onboarding process, given their industry-specific knowledge learned from working with leading global digital asset exchanges, and a team who have spent their entire careers in trade surveillance and financial markets.”

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