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Nasdaq wants crypto sell to eliminate fraud — featuring its help

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The cryptocurrency companies are plagued by scandal. Stock market operator Nasdaq says it may solve the issue.

In a paper released Thursday, this company said hello has spent decades developing tools to police securities, currencies together with other markets, and might make use of them to stamp out manipulation along with other scams besieging digital coins.

“Regulators, brokers and exchanges have surveillance teams that monitor activity constantly and advanced technologies to support capture and analyze abusive behaviors including pump-and-dump schemes, insider trading, wash trading together with spoofing and layering,” as per the paper.

Authorities worry that virtual currencies are given to frauds that reap the benefits quick price swings as well as a not enough government regulation. In May, Bloomberg reported that your Justice Department had opened a criminal probe into possible manipulation of bitcoin trading.

Nasdaq licenses its market-surveillance technology to exchanges, including at least one crypto market: Gemini, that has been founded by the Winklevoss twins. Nasdaq began to obtain approached about these types of from crypto companies around 2 years ago, even so it wasn’t until late last year when Bitcoin was surging that demand jumped.

“We’re now getting approached per week or two,” Tony Sio, Nasdaq’s head of exchange and regulator surveillance, said inside an interview. “We won’t work with these firms though since the majority of them may be early stage or you cannot reputable yet,” he added.

? 2018 Bloomberg L.P

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