On Feb. 27, Boston-based cryptocurrency finance firm Circle announced a partnership with Nice Actimize financial crime detection and prevention technologies unit. Circle follows other large cryptocurrency exchanges that have opted to add a compliance and surveillance solution.
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Circle believes there is a need for regulation in the crypto market ecosystem so the Goldman Sachs-backed firm has decided to partner with a compliance and surveillance entity called Nice Actimize. The financial crime, risk and compliance solutions manager Nice is one of the largest service providers to government regulators and financial institutions. Circle explains in its press release that the company selected the Nice Cloud Markets Surveillance (MS) solution in order to fight against market manipulation. The firm wants its $3 billion in monthly trading protected from fraudulent schemes like pump n’ dumps, insider trading, and layering.
The Nice MS solution claims to give companies the ability to track and detect sophisticated forms of market manipulation, the firm details. According to the company, the tools help alert system managers to “all significant threats to crypto trading.” In addition, the system removes false positives in the market by giving exchanges the capacity to tailor alerts to their clients’ trading activity.
“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,” explained Robert Bench, Circle’s lead regulatory counsel and chief compliance officer.
Bench continued:
Circle has adopted a strong position on policy and crypto-related regulatory issues that focus on the safety of
