The company Gemini twins Winklevoss Trust Company announced an agreement with Nasdaq, Inc. The exchange is going to implement the technology oversight of the Nasdaq market to prevent fraud and illicit trade. As Quartz writes, this is the first case where a trading center introduces a comprehensive system of tracking violators.
In particular, we are talking about transactions, bitcoin, and U.S. dollars during normal trading and auctions of futures contracts on the Cboe BTC. The application of this technology when conducting a final auction can have a significant impact: trade volumes are periodically reduced, making the market vulnerable to manipulation.
Gemini updates security measures a week after the start of the investigation the Prosecutor General of the state of new York. In a press release of the Ministry said that the test would face “key information on the company’s activities, internal controls and safeguards for the protection of consumer assets.” In addition to Gemini, the list includes GDAX, bitFlyer USA, Inc., Bitfinex, Bitstamp USA Inc., Kraken, Bittrex, Inc., Poloniex LLC, Binance Limited, Tidex.com, Gate.io, itBit Trust Company and Huobi.
In his official statement about the investigation into the CEO Gemini Tyler Winklevoss (Tyler Winklewoss) said that the market always “uncompromising implemented a comprehensive program for the observance of the law and supervision”. According to the entrepreneur, the supervision of trading operations “does a better job of our exchange and cryptocurrency industry in General.”
The decision fits into a General policy for the safest possible activity within Gemini. So, before the stock exchange opened a venue for particularly large transactions, without prejudice to the market.
