Eventus to provide trade surveillance for regulated Canadian crypto platform Bitbuy

Eventus Systems announced that Bitbuy Technologies, its first Canadian client, is using the Eventus Validus platform to meet all of its trade surveillance needs. Eventus is a global provider of multi-asset class trade surveillance and market risk solutions.

With more than 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 dealer for Canadians to invest in cryptocurrency assets. Its compliance department is using Validus to help ensure its market 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 marketplace to surveil participants within their markets. The use of Validus expands Bitbuy’s capabilities to fulfill its regulatory requirements and provides the necessary infrastructure to accommodate future growth. Bitbuy announced its approval as a regulated marketplace in early December.

Torstein Braaten, head of Regulatory Affairs and chief compliance officer of Bitbuy, said in a statement: “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.”

Braaten has been involved with trade surveillance for 26 years – including as a CEO and CCO of two equity marketplaces – and has built surveillance systems from the ground up as well as worked with other third-party providers.


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