Leading global cryptocurrency finance company Circle has selected NICE Actimize’s Cloud Markets Surveillance (MS) solution for its market surveillance and protections strategy.
NICE’s Autonomous Financial Crime Management services will augment Circle’s key infrastructure to guard against market manipulation across its exchange and trading products, which currently see more than $3 billion in monthly trading volume.
The solution is designed to quickly and cost effectively detect sophisticated forms of market manipulation including pump and dump, layering and insider trading, which have become significant threats in the cryptocurrency trading industry.
Robert Bench, Head Regulatory Counsel and Chief Compliance Officer at Circle, commented: “As a leading crypto finance company, it was important that we work with a leading financial crime solutions provider like NICE Actimize which provides industry-leading solutions for the rapidly changing financial crime, risk and compliance landscape. Circle has adopted a strong position on policy and crypto-related regulatory issues that focuses on the safety of our customers and investors. Adapting innovative technology solutions, such as the financial markets compliance solutions from NICE Actimize, to meeting the potential needs of regulators and protecting our assets brings this commitment full circle.”
The system’s configurable rules engines reduce false positives and costs by enabling firms to tailor alert thresholds to their customers’ trading activity.
“There are a number of markets surveillance vendors that address traditional asset classes, but we needed a partner that could adapt their traditional market expertise to the unique elements of the crypto market. NICE Actimize was chosen as the partner which could offer that adaptability”, Bench added.
Craig Costigan. Chief Executive Officer at NICE Actimize, said: “As we lead the digital financial services industry with breakthroughs in artificial intelligence and advanced analytics, NICE Actimize will continue to innovate on behalf of the newest financial product categories, including cryptocurrencies, digital wallets, and more. We recognize that Circle is a category leader committed to the highest standards of customer safeguards and are excited to be one of the industry’s first financial crime solutions providers to tackle the exciting new cryptocurrency category with secure and cost-effective protections.”
