Bitpanda has partnered with RegTech provider Eventus to deploy the Validus platform in order to meet its trade surveillance needs and legal obligations.
The Vienna-headquartered fintech and cryptocurrency platform has reportedly followed a rigorous review of trade surveillance solution providers and came to the conclusion that Eventus combined a powerful solution, a strong reputation and extensive experience within the crypto ecosystem while also specializing in traditional finance and overall regulatory requirements.
Eventus helps prevent market abuse, manipulation and insider trading
The Validus platform by Eventus will help Bitpanda leverage automation to detect and prevent market abuse, manipulation and insider trading.
According to a recent study commissioned by Eventus about the European Union’s Markets in Crypto Assets Regulation (MiCA), the upcoming EU rules are accelerating investment in surveillance systems for cryptocurrency trading, though just 9% of the firms in scope for MiCA were fully prepared and a quarter of firms had not yet begun preparations as of mid-year.
Firms investing in new systems were typically looking at outsourcing to a third-party software vendor with 64% planning to do so, the study found.
Bitpanda features a selection of over 2,800 digital assets, including more than 450 crypto assets and stocks, ETFs, precious metals and commodities. Serving 5 million users and dozens of institutional partners, Bitpanda holds licences in several countries and has offices in Amsterdam, Barcelona, Berlin and Bucharest, in addition to its Vienna headquarters.
“Bitpanda is very focused on holding ourselves to the highest compliance standards”
Manol Vanev, Compliance Officer at Bitpanda, said: “We evaluated every solution available on the market before narrowing down candidates. Eventus rose to the top based on a variety of factors, including its state-of-the-art solution, strong reputation and extensive experience with many of the world’s largest digital asset firms, broad track record in traditional finance with other asset classes, and expertise in markets and regulation. Also important to us is the solution’s ease of use and the robust and customizable procedure coverage offered by Validus.”
Philipp Bohrn, Vice President Public and Regulatory Affairs at Bitpanda, said: “We have grown quickly, and we need a sophisticated, user-friendly platform that can handle our data and messaging volumes, whilst maximizing our efficiencies and scale to meet any capacity needs we may have in the future. Bitpanda is very focused on holding ourselves to the highest compliance standards, and the selection of Eventus for this important function not only supports our regulatory needs today but positions us for sustainable growth and enhanced customer protection in the future.”
Travis Schwab, CEO at Eventus, said: “Bitpanda understood the benefit of getting ahead of regulation and putting in place all the pieces to ensure a robust, scalable trade surveillance environment that can easily adapt to meet its needs as the company grows, adds new asset classes and confronts a rapidly changing regulatory landscape. We’re honored to partner with the firm as it continues its impressive growth and commitment to safeguarding its customers.”
Bitpanda Technology Solutions on the rise in MENA region
Meanwhile in the MENA region, Bitpanda Technology Solutions has been selected to power CoinMENA’s crypto asset platform licensed by the Central Bank of Bahrain and sister company CoinMENA FZE, licensed by the Dubai Virtual Asset Regulatory Authority (VARA).
The leading digital assets infrastructure provider will enhance trading efficiency on CoinMENA’s platform and expand the range of crypto assets available to its users. Once Bitpanda’s digital asset infrastructure is fully deployed, CoinMENA will have the ability to integrate the most complete range of crypto assets available on the market to meet the demands of its users safely and securely.
Bitpanda Technology Solutions will act as a liquidity provider to enhance CoinMENA’s trading efficiency and ensure users receive the best possible prices.
BTS in the final stages of obtaining an FSP license in Dubai
BTS is a leading digital assets infrastructure provider that recently entered the Middle East and North Africa region by opening offices in Dubai and launching Bitpanda MENA. Bitpanda MENA opened its first office in Dubai at the DMCC Crypto Centre and has already appointed an experienced team led by Walid Benothman to tailor its offering to the local market. In line with its long history of regulatory compliance, Bitpanda is in the final stages of obtaining its FSP and will continue to work with local regulators to ensure a fully compliant product offering.
Banks, fintechs, (neo-)brokers, and crypto-native companies in the region will be able to partner with BTS to launch their own trading solutions powered by Bitpanda’s infrastructure in as little as three months once Bitpanda MENA has finalized obtaining its local license later this year. BTS already partners with several of Europe’s largest banks, and currently provides the trading infrastructure for over 20 million customers across Europe.
BTS allows its partners to integrate a modular and scaled 24/7 trading infrastructure and offer trading, investing, and custody services across every asset class in a modular way. Partners can build their own user experiences on an ISO 27001-certified and battle-proofed infrastructure including features such as savings plans, asset-to-asset swaps, and crypto staking functionality. Additionally, all of Bitpanda’s European licenses and regulatory experience can be accessed through a partnership with the most comprehensive and regulated crypto platform in Europe.
