A criminal crackdown surveillance on Bitcoin crime is set to be launched by a Cryptocurrency exchange. The surveillance technology will be used to track fraud and illegal activity in the market.
A report from Express.uk, has it that Gemini, a crypto exchange set up by the Winklevoss twins to use Nasdaq surveillance to target fraud in the Crypto market
According to the report, the Smart Market Surveillance will enable Gemini, to monitor trading pairs, such as cryptocurrencies to the dollar and bitcoin to ethereum and vice-versa.
The new system is seen as an industry benchmark for market surveillance, supervision and compliance.
Smart Market Surveillance, is expected to augment the security standard for bitcoin exchange due to fears of criminals using the anonymity of the cryptocurrency to commit fraud.
While speaking on the new development, the chief executive of Gemini, Tyler Winklevoss, said:
“Since launch, Gemini has aggressively pursued comprehensive compliance and surveillance programs, which we believe betters our exchange and the cryptocurrency industry as a whole.Our deployment of Nasdaq’s SMARTS Market Surveillance will help ensure that Gemini is a rules-based marketplace for all market participants.”
The report further revealed that Bitcoin has long been associated with criminal activity but thinktank the Foundation for Defense of Democracies discovered “less than one per cent” of identifiable transactions between 2013 and 2016 were from illegal sources.
It was discovered that the number of illegal sources have been dropping by the year due to the currency’s attraction to mainstream investors.
The launch of Smarts Market Surveillance by Gemini, is coming shortly after Eric Schneiderman, the New York Attorney General, had demanded an inquiry into about 13 crypto trading platforms of which Gemini, was included.