Bitfinex cracking down on manipulation with new software surveillances

Bitfinex who are one of the largest cryptocurrency exchanges in the world, they are reported to be integrating a new software to tackle potential manipulating activities, as they try to crackdown this type of behavior on their platform.

The software technology will be provided by Irisium Ltd, they are a market leader in providing surveillance within the market and analysis-based software, specifically tailored for finance organizations.

Commentary from the CTO of Bitfinex, on the back of the new update saying: “Comprehensive market and trade surveillance capabilities are integral to operating an exchange. To meet the complex needs of an evolving digital asset class and to protect our sophisticated participants, Bitfinex requires an agile surveillance system built on the latest technology”. Adding: “Together with our experienced team, the Irisium platform will provide the surveillance needed to protect our participants and our venue from trading abuses”.

Elsewhere the CEO of Irisium noted: “We are at a tipping point in the development of the digital currency marketplace. As professional traders and sophisticated investors enter the market, exchanges need to deploy modern surveillance tools that can detect abusive trading practices and protect their customers”.