Eventus Systems, a provider of multi-asset class trade surveillance and market risk solutions, announced today that Bitbuy, a Canadian-based cryptocurrency trading platform (recently approved as a regulated marketplace) will be using the Eventus Validus platform to meet all of its trade surveillance needs.
With more than 375,000 users and $4.4 billion transacted through its platform, Bitbuy is also the first organization that is both a registered digital asset marketplace and a restricted dealer for Canadians to invest in cryptocurrency assets. Its compliance department is using Validus to help ensure its market operates with integrity, monitoring client trading behavior 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 surveil participants within their markets. The use of Validus vastly expands Bitbuy’s capabilities to fulfill its regulatory requirements and provides the necessary infrastructure to accommodate future growth. Bitbuy announced its approval as a regulated marketplace in early December.
“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. They thoroughly understood Bitbuy’s requirements and regional regulatory needs, making it incredibly simple for our team to go live. Our regulatory requirements are built into their tool, with the ability to add more capabilities and features as the landscape evolves, as well as scale to meet the needs of Bitbuy’s fast-growing marketplace.”
– Michael Arbus, Bitbuy CEO