First Canadian customer for Eventus as the company continues its global expansion
NEW YORK and TORONTO, January 26, 2022 /PRNewswire/ — Eventus Systems, Inc., a leading global provider of multi-asset class market risk and trade monitoring solutions, today announced that Bitbuy Technologies, Inc. (Bitbuy) – from Canada first cryptocurrency trading platform to be regulated as a marketplace – uses the Eventus Validus platform to meet all of its trade monitoring needs. Bitbuy is the first Canadian client of Eventus, which has steadily increased its reach globally.
With over 375,000 users and $4.4 billion transacted through its platform, Bitbuy is also the first organization that is both a registered digital asset marketplace and a restricted brokerage allowing Canadians to invest in cryptocurrency assets. Its compliance department uses Validus to ensure its marketplace operates with integrity, monitoring client trading behavior and identifying any potentially problematic activity that requires further investigation.
Early last year, Canadian regulators introduced a new regulatory framework for cryptocurrency trading platforms that included a requirement for platforms that run a market to monitor participants within their markets. Using Validus greatly expands Bitbuy’s capabilities to meet its regulatory requirements and provides the infrastructure needed to accommodate future growth. Bitbuy announced its approval as a regulated market in early December.
Michael ArbusCEO of Bitbuy, said, “When we reviewed the Eventus solution, combined with our new regulatory requirements, we knew we had found a long-term monitoring partner. Eventus provided superior advisory services throughout throughout the onboarding process, given their industry-specific knowledge gained from working with the world’s leading digital asset exchanges and a team that has spent their entire career in trade monitoring and financial markets. Fully understood Bitbuy’s requirements and regional regulatory needs, which made it incredibly easy for our team to go live. Our regulatory requirements are built right into their tool, with the ability to add more capabilities and features as the landscape is changing, along with scaling to meet the needs of Bitbuy’s rapidly growing market.
CEO of Eventus Travis Schwab said, “It is a pleasure to serve Bitbuy as the first Canadian client and the latest digital asset marketplace to turn to us for critical trade monitoring needs. As more and more investors in Canada and across the world are embracing this asset class, we are truly honored to play a role in helping cryptocurrency exchanges and a variety of other market players entering the crypto space meet the new requirements and standards security 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 customers are doing. Validus is a very flexible and responsive system that gives my compliance team that window, with control of our tools and the ability to quickly make adjustments to meet our business needs.Eventus customer service has been excellent, with weekly calls that give us the opportunity to provide ongoing 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 -forms, where you can’t make your own changes and could easily be put in a queue for six months or more, even if the change is critical We don’t have a lot of time to waste, and it was 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.
Braaten has been involved in trade monitoring for 26 years – including as CEO and CCO of two stock exchanges – and has built monitoring systems from the ground up and worked with other third-party vendors.
Bitbuy is a Canadian owned and operated digital asset marketplace and a restricted broker. Bitbuy’s mission is to provide its customers with the world’s best prices, deepest liquidity, and most digital asset products. Canada with a convenient, reliable and secure platform. Bitbuy is proudly registered as a restricted reseller and is from Canada first digital asset market recorded in Canada. Bitbuy head office is downtown Toronto, with more than 85 employees. In addition to its registration as a Marketplace and Restricted Broker, Bitbuy is also registered with FINTRAC as a Money Services Business under the Virtual Asset Service Provider category. Bitbuy was founded in 2016 and is currently one of from Canada largest cryptocurrency platforms by trading volume. Bitbuy offers crypto trading services to beginners, advanced traders, and businesses making it The crypto destination for investors.MT
About Eventus Systems
Eventus Systems is a leading global provider of multi-asset class trade monitoring and market risk management solutions. Its powerful, award-winning Validus platform is easy to deploy, customize and operate across the equity, options, futures, foreign exchange (FX), fixed income and digital asset markets. Validus is proven in the most complex, high-volume, real-time environments of tier 1 banks, broker-dealers, futures brokers (FCMs), proprietary trading groups, market centers, purchasing institutions, energy and commodity trading companies, and regulators. The company’s rapidly growing customer base relies on the responsive support and product development teams of Validus and Eventus to overcome its most pressing regulatory challenges. To learn more, visit www.eventussystems.com.
SOURCE Eventus Systems