Winklevoss Brothers Will Catch Dishonest Crypto Traders
Gemini partners with Eventus
The company seeks to stop market manipulation
Gemini is actively promoting the idea of countering manipulation
International consortium of news organizations developing transparency standards.
Gemini cryptocurrency exchange will use Eventus toolkit to identify attempts to manipulate the digital asset market
Gemini Trust Co., a cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has chosen Eventus Systems Inc. as a provider of tools to counter market manipulation in a market where illegal trading often flourishes.
Austin-based Eventus also works with other major US cryptocurrency exchanges, including Coinbase and ErisX. Traditional markets have long had rules and procedures to counter illegal practices such as laundering and advance transactions. However, in the cryptocurrency sphere, this is still a big problem due to the lack of clear regulation..
It is because of the frequent manipulations that the Securities and Exchange Commission has repeatedly blocked ETF launches on bitcoins. In addition, a 2019 study showed that the growth of the first cryptocurrency to $ 20,000 could have been triggered by a single trader..
“The world of digital assets is an ever-changing environment,” says Gemini COO Noah Perlman. “Eventus has an excellent track record.”.
Gemini’s experience in countering manipulation
In 2018, the Winklevoss twins formed the Virtual Assets Association to develop industry standards for transparency and work with regulators, including the American Futures Trading Commission. These measures are expected to help reduce the risk of fraud and manipulation in the digital asset market. In 2018, Gemini hired Nasdaq Inc. to control the market.
“As the popularity of digital assets grows, it is important that marketplaces like Gemini develop comprehensive trade surveillance programs and procedures and maintain ongoing monitoring,” Eventus CEO Travis Schwab said in a statement..
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