Bybit, the world’s second-largest cryptocurrency exchange by trading volume, announced today that its European subsidiary, Bybit EU, has adopted Nasdaq’s Market Surveillance platform to further strengthen its ability to prevent and detect market manipulation and ensure continued compliance with the Markets in Crypto-Assets Regulation (MiCAR) across the EU.

Nasdaq's market regulation platform is known for its modular and flexible architecture. It will not only meet MiCAR's strict monitoring and reporting standards for exchanges, but will also support Bybit EU's continued expansion in Europe and quickly respond to local regulatory obligations.

Mazurka Zeng, Managing Director and CEO of Bybit EU, said:

“This partnership demonstrates Bybit’s unwavering commitment to providing users with a secure, transparent, and compliant digital asset trading experience. We are honored to partner with Nasdaq, leveraging their innovative technology and leading market regulatory expertise to safeguard the resiliency and integrity of our trading platform.”

Ed Probst, Head of RegTech at Nasdaq, added:

"MiCAR is driving a significant leap forward in investor protection in the digital asset market, but many compliance systems still fall short of the standards of traditional markets. We are pleased to partner with Bybit EU to integrate comprehensive market data into its monitoring framework to address key threat scenarios. We look forward to further deepening our collaboration and jointly promoting trust and robust development in the digital asset ecosystem."

Building a trusted digital marketplace

Nasdaq Market Surveillance is the world's most widely used market surveillance technology, serving over 50 exchanges and 20 international regulators, helping to maintain fairness and transparency in global markets. The platform combines features and alerts tailored for the crypto market, leveraging Nasdaq's over 30 years of algorithmic expertise to ensure compliance with evolving global regulatory requirements.

The platform provides real-time access to the entire order book, enabling immediate decision-making and helping to detect and prevent market manipulation. By integrating pattern recognition algorithms with market data and setting alerts based on the unique trading characteristics of the crypto market, it can effectively reduce false positives and detect multiple types of violations, including cross-market manipulation, time difference violations, layered and fake orders, liquidity abuse, and currency and commodity manipulation.

Nasdaq technology is now widely used across the global financial system, including by 97% of global systemically important banks, half of the world's top 25 stock exchanges, 35 central banks and regulators, and over 3,800 financial services clients. As a leading technology and services partner, Nasdaq leverages its deep industry experience and cloud service capabilities to continuously drive modernization and compliance within the financial services industry.