November 2, 2018 | AtoZ Markets
The giant stock exchange said in a report published Nov. 1st, that it could resolve some of the issues the cryptocurrency industry is said to have, noting that it had a “wealth of experience” in dealing with the complications in the market of assets trading.
“Regulators, brokers, and exchanges have surveillance teams that monitor activity constantly and advanced technologies to help capture and analyze abusive behaviors including pump-and-dump schemes, insider trading, wash trading as well as spoofing and layering.”, part of NASAQ’s report read.
The lack of regulations open the door to illegal practices
Virtual currencies are criticized as lacking powerful regulations to govern in the market, the thing that incentivizes illegal trading practices to occur in the industry, for which the CFTC, in collaboration with the Justice department began investigations on price manipulation in the Bitcoin $6371.77 -0.07% trading arena, as alleged.
Nasdaq cited in its report that Bitcoinist reported in mid- 2018, that both Gemini, and SBI Virtual Currencies used the SMART Technology for market surveillance NADAQ implements, along with other three platforms that were said to be using it.
In his turn, Tony Sio- the head of exchange and regulatory surveillance at NASDAQ, emphasized that the exchange is being approached increasingly by many platforms. However, he explained that the company will not work with all of those companies.
“We’re now getting approached every week or two. We won’t work with all of these firms though since a lot of them are quite early stage or not reputable yet.”, Sio told Bloomberg.
Nasdaq’s CEO, Adena Friedman, expressed on different occasions bullish sentiments with regard to the prospects of cryptocurrencies, reminding of the need for more robust regulations.
The media reported as well that the exchange intends to start a cryptocurrency platform, while the plan is waiting for proper regulations to emerge the industry.