BitMEX, Solidus Labs extend partnership for cross-market surveillance

Solidus’ HALO platform, a crypto market integrity hub, will further enhance BitMEX’s ability to detect potential abusive behaviours across its Spot and Derivatives markets
BusinessWireMarch 28, 20243 min

BitMEX, one of the world’s largest crypto trading platforms, announced the expansion of its partnership with Solidus Labs, a category-defining crypto-native market integrity solutions provider. Building upon the success of their initial collaboration which focused on transaction monitoring, BitMEX and Solidus Labs are now extending their partnership to further bolster trade surveillance capabilities and fortify the integrity of crypto derivatives trading.

The collaboration between BitMEX and Solidus Labs started in October 2022 with the integration of Solidus’ HALO platform, to enhance BitMEX’s ability to conduct AML transaction monitoring as part of its Financial Crime Compliance program.

The partnership aims to incorporate HALO, Solidus’ extensive crypto-native trade surveillance and market integrity hub, into BitMEX’s platform. It will further enhance BitMEX’s existing capability to detect suspicious trading activity, and enable real-time responses by leveraging machine learning-powered trade surveillance detection models.

Julian Tehan, Chief Compliance Officer of BitMEX, commented on the expansion, saying, “Our commitment to providing a secure and compliant trading platform remains unwavering. The extension of our partnership with Solidus Labs reflects this commitment as we continue investing in our compliance program and protecting the integrity of our markets. The further enhancement of our existing trade surveillance capabilities will serve to safeguard our platform, prevent market abuse, protect our customers, and help us meet evolving regulatory expectations.”

Solidus’ HALO, a high-octane engine built for speed and reliability, monitors a wide range of markets, including derivatives, to identify abnormal or suspicious trading activities. Its detection models will now play a pivotal role in safeguarding the integrity of BitMEX’s platform, helping to protect against market abuse and manipulation in its prices or volumes, contributing to a secure and trustworthy trading environment for BitMEX’s users.

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