Extending their agreement to strengthen trade surveillance capabilities and protect the integrity of cryptocurrency derivatives trading, BitMEX and Solidus Labs are building on the success of their first collaboration, which was centered on transaction monitoring.

In October 2022, BitMEX and Solidus Labs began working together to improve BitMEX's capacity to provide AML transaction monitoring as part of its Financial Crime Compliance program. This was accomplished through the integration of Solidus' HALO platform.

Through this cooperation, BitMEX's platform will be able to leverage Solidus' broad crypto-native trade surveillance and market integrity center, HALO. By utilizing machine learning-powered trade surveillance detection algorithms, it will considerably improve BitMEX's current capacity to identify suspicious trading activities and allow for real-time reactions.

In response to the growth, BitMEX's Chief Compliance Officer, Julian Tehan, stated, "Our commitment to providing a secure and compliant trading platform remains unwavering." We are committed to maintaining the integrity of our markets and investing in our compliance procedures, as seen by the extension of our collaboration with Solidus Labs. Our current trade monitoring capabilities need to be substantially improved in order to defend our platform, stop market manipulation, safeguard our consumers, and assist us in meeting changing regulatory requirements.
 

The high-octane HALO engine from Solidus, which is designed for dependability and speed, keeps an eye on a variety of markets, including derivatives, to spot unusual or suspicious trade activity. With the ability to prevent market manipulation and abuse of its pricing or volumes, BitMEX's detection models will now be crucial in maintaining the platform's integrity and providing users with a safe and reliable trading environment.
 

Solidus Labs' founder and CEO, Asaf Meir, offered his opinions on the growing collaboration and the state of the cryptocurrency market, saying, "The market's interest has been piqued by the recent approval of the Spot Bitcoin ETF." The price volatility has led to a significant increase in trading volumes for cryptocurrency derivatives. With its cutting-edge technology and crypto-native detection architecture, HALO will allow BitMEX to extend trade monitoring across its increased trading volumes in a secure and reliable manner while also offering the required protections for the launch of new products. We are honored to be BitMEX's partner, offering state-of-the-art resources and guidance to help manage these fascinating changes and advance the cryptocurrency industry.