Cryptocurrency exchange Gemini announced Wednesday that it is partnering with Nasdaq to monitor trading activities on its platform.
Gemini will use Nasdaqâs SMARTS Market Surveillance offering to automatically detect any possible price manipulation or other illicit activities, according to a Wednesdayâs announcement.
Nasdaq currently uses this technology to monitor its marketplaces for abnormal activity. Part of the system compares historical trading data with real-time activity to look for âunusual trading patterns that could be potential breaches of exchange trading rules and practices,â as Nasdaq explains.
The cryptocurrency exchange will use it to monitor its major trading pairs for bitcoin and ether, particularly the crypto-to-crypto pairings and those involving the U.S. dollar. Additionally, any suspicious activities tied to bitcoin futures contracts will also be sought out.
Gemini chief executive Tyler Winklevoss said the move is part of the exchangeâs efforts to maintain a fair market. He explained:
âSince launch, Gemini has aggressively pursued comprehensive compliance and surveillance programs, which we believe betters our exchange and the cryptocurrency industry as a whole ⦠Our deployment of Nasdaqâs SMARTS Market Surveillance will help ensure that Gemini is a rules-based marketplace for all market participants.â
Stepping back, Gemini has been making efforts in recent weeks to expand its exchange. In March, the company announced it may add additional cryptocurrencies â naming bitcoin cash and litecoin in particular â to its platform later this year.
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