One of the biggest cryptocurrency trading platforms in the world, BitMEX, today announced the growth of its collaboration with Solidus Labs, a category-defining crypto-native market integrity solutions supplier.
Extending their agreement to strengthen trade surveillance capabilities and protect the integrity of cryptocurrency derivatives trading, BitMEX and Solidus Labs are building on the success of their first collaboration, which was centered on transaction monitoring.
In October 2022, BitMEX and Solidus Labs began working together to improve BitMEX’s capacity to provide AML transaction monitoring as part of its Financial Crime Compliance program. This was accomplished through the integration of Solidus’ HALO platform.
The collaboration seeks integrating HALO, Solidus’ comprehensive crypto-native market integrity hub, into BitMEX’s platform. This will bolster BitMEX’s ability to identify suspicious trading and facilitate prompt action using machine learning-driven surveillance models.
Regarding the growth, BitMEX’s Chief Compliance Officer, Julian Tehan, stated, “Our commitment to providing a secure and compliant trading platform remains unwavering. The extension of our partnership with Solidus Labs reflects this commitment as we continue investing in our compliance program and protecting the integrity of our markets.”
The high-octane, dependable Solidus HALO engine keeps an eye on various markets, including derivatives, to spot unusual or suspicious trade activity.
Now, its detection algorithms will be crucial in preserving the integrity of BitMEX’s platform. They will guard against market manipulation and abuse of its pricing or volumes, ensuring a safe and reliable trading environment for BitMEX customers.
Solidus Labs’ founder and CEO, Asaf Meir, offered his opinions on the growing collaboration and the overall state of the cryptocurrency industry, saying, “The recent approval of the Spot Bitcoin ETF has piqued the market’s interest. As a result of price volatility, the trading volumes for crypto derivatives have gone up substantially.”
He added that with its cutting-edge technology and crypto-native detection architecture, HALO will allow BitMEX to extend trade monitoring across its increased trading volumes securely and reliably while also offering the required protections for the launch of new products.
