Bitbuy deploys Eventus’ market surveillance to address Canada crypto regulation

Rick Steves

“Sometimes the Eventus team even makes real-time adjustments to the platform based on our feedback.”

Bitbuy, a regulated marketplace for cryptocurrencies in Canada, has deployed the Eventus Validus platform to meet all of its trade surveillance needs.

The partnership is a milestone for the provider of multi-asset class trade surveillance and market risk solutions as Bitbuy is its first client in Canada.

Bitbuy is first Canadian client for Eventus

Michael Arbus, Chief Executive Officer at Bitbuy, commented: “When we reviewed the Eventus solution, combined with our new regulatory requirements, we knew we had found a long-term surveillance partner. Eventus provided superior advisory services throughout the onboarding process, given their industry-specific knowledge learned from working with leading global digital asset exchanges, and a team who have spent their entire careers in trade surveillance and financial markets. They thoroughly understood Bitbuy’s requirements and regional regulatory needs, making it incredibly simple for our team to go live. Our regulatory requirements are built into their tool, with the ability to add more capabilities and features as the landscape evolves, as well as scale to meet the needs of Bitbuy’s fast-growing marketplace.”

Travis Schwab, Chief Executive Officer at Eventus, said: “It’s a pleasure to serve Bitbuy as our first Canadian client and the latest digital asset marketplace to turn to us for meeting critical trade surveillance needs. As more investors in Canada and throughout the world embrace this asset class, we’re truly honored to play a role in helping cryptocurrency exchanges and a variety of other market participants entering the crypto space meet new requirements and standards for safety and transparency.”

Torstein Braaten, Head of Regulatory Affairs and Chief Compliance Officer (CCO) of Bitbuy, said: “The biggest challenge with an asset class like cryptocurrencies is having a window into what clients are doing. Validus is a very flexible, responsive system that gives my compliance team that window, with control over our tools and the ability to quickly make adjustments to meet our business needs. The client service at Eventus has been excellent, with weekly calls that give us the opportunity to provide continuous feedback.

“Sometimes the Eventus team even makes real-time adjustments to the platform based on our feedback. You don’t see this with other platforms, where you can’t make your own changes and might easily be put into a queue for six months or longer, even if the change is critical to your needs. We don’t have a lot of time to spare, and it was not only very quick to get Validus up and running but also easy for the compliance department to learn the system and interpret the data.”

Bitbuy required to monitor client trading behavior

Bitbuy is a Canadian-owned and operated digital asset marketplace and restricted dealer with more than 375,000 users and $4.4 billion transacted through its platform.

In addition to its registration as a Marketplace and Restricted Dealer, Bitbuy is also registered with FINTRAC as a Money Services Business under the Virtual Asset Service Provider category.

Partnering with Eventus will help ensure its market operates with integrity, monitoring client trading behavior and identifying any potentially problematic activity that requires further investigation.

This enhancement addresses the new regulatory framework for cryptocurrency trading in Canada which requires platforms to surveil participants within their markets.

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