Circle Introduces Market Surveillance to Fight Insider Trading, ‘Pump and Dump’ Schemes

Blockchain finance company Circle will use digital financial services company Nice Actimize’s market monitoring tools to fight manipulation, a press release confirmed on Feb. 27.

Nice Actimize, which forms a branch of Israeli enterprise software giant Nice Ltd., offers professional client tools in the areas of financial crime, risk and compliance.

Circle will use Actimize’s Cloud Markets Surveillance (CMS) to proactively prevent and detect malicious trading activity on its own platform, including insider trading, layering and even so-called pump and dump schemes.

“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,” Circle’s head regulatory counsel and chief compliance officer, Robert Bench, commented in the press release.

As Cointelegraph reported, institutional platforms like Circle are actively seeking to quell concerns about manipulation on cryptocurrency markets.

Not just Nice, but also Nasdaq has seen success deploying its market surveillance technology in associated areas. In January, Nasdaq revealed that seven cryptocurrency exchanges currently use its market monitoring tech.

Last month ,meanwhile, trade security startup Solidus Labs announced it had raised $3 million to combat market manipulation.