BitMEX, Solidus Extend Cross-Market Surveillance Partnership

Crypto exchange operator BitMEX has expanded its partnership with RegTech firm Solidus Labs to bolster surveillance of crypto derivatives trading.

The partnership builds on their initial AML transaction monitoring collaboration, which started in October 2022 with the integration of Solidus’ HALO platform as part of BitMEX’s Financial Crime Compliance program.

BitMEX will now leverage HALO to assist in the detection of suspicious trading activity, and to enable real-time responses by leveraging machine learning-powered trade surveillance detection models.

“The further enhancement of our existing trade surveillance capabilities will serve to safeguard our platform, prevent market abuse, protect our customers, and help us meet evolving regulatory expectations,” explained Julian Tehan, CCO of BitMEX.

HALO is currently used to monitor over 250 million events and $16 trillion in on- and off-chain trading volume per day across more than 150 markets, protecting more than 25 million individual and institutional investors. EDX Markets recently tapped HALO as its transaction monitoring solution.

The expansion comes as the market interest in cryptocurrencies grows, following the recent approval of the Spot Bitcoin ETF. Increased price volatility has led to higher trading volumes for crypto derivatives, highlighting the need for advanced surveillance and integrity measures.