Monitoring program for crypto markets is under development by the largest American currency exchange Coinbase, in order to prevent frauds.
The project will be headed by the former head of the market research department of the New York Stock Exchange (NYSE) Peter Elkins.
According to him, the purpose of the new program is to create a platform for monitoring the Coinbase markets, including a provision of retail brokerage services and two exchanges.
“It’s like the projects I worked on at the NYSE. We use human experience and technology to identify “bad actors”, – Peter Elkins reports.
Let us note that regulators are increasingly expressing their concern over falsifications in the cryptocurrency market. The Coinbase Trade Surveillance program is aimed specifically at preventing fraud. By the way, representatives of the Gemini exchange recently announced market control, but they decided to turn to the experience of NASDAQ.
As the manager of Trading Technologies, Jay Biondo, said, these actions will help Coinbase and Gemini attract new customers.
“Effective supervision is a key function. Exchanges that claim to monitor the market and prevent fraudulent manipulation attract more investors, as the latter feel more confident and protected, “ Biondo said.