First Canadian client for Eventus as company continues global expansion

Eventus Systems, Inc., a leading global provider of multi-asset class trade surveillance and market risk solutions, announced today that Bitbuy Technologies, Inc. (Bitbuy) – Canada’s first cryptocurrency trading platform to be regulated as a marketplace – is using the Eventus Validus platform to meet all of its trade surveillance needs. Bitbuy is the first Canadian client of Eventus, which has been steadily growing its reach globally.

With more than 375,000 users and $4.4 billion transacted through its platform, Bitbuy is also the first organization that is both a registered digital asset marketplace and a restricted dealer for Canadians to invest in cryptocurrency assets. Its compliance department is using Validus to help ensure its market operates with integrity, monitoring client trading behavior and identifying any potentially problematic activity that requires further investigation.

Early last year, Canadian regulators introduced a new regulatory framework for cryptocurrency trading platforms that included a requirement for platforms that run a marketplace to surveil participants within their markets. The use of Validus vastly expands Bitbuy’s capabilities to fulfill its regulatory requirements and provides the necessary infrastructure to accommodate future growth. Bitbuy announced its approval as a regulated marketplace in early December.

Michael Arbus, Bitbuy CEO, said:

“When we reviewed the Eventus solution, combined with our new regulatory requirements, we knew we had found a long-term surveillance partner.  Eventus provided superior advisory services throughout the onboarding process, given their industry-specific knowledge learned from working with leading global digital asset exchanges, and a team who have spent their entire careers in trade surveillance and financial markets. They thoroughly understood Bitbuy’s requirements and regional regulatory needs, making it incredibly simple for our team to go live. Our regulatory requirements are built into their tool, with the ability to add more capabilities and features as the landscape evolves, as well as scale to meet the needs of Bitbuy's fast-growing marketplace.”

Eventus CEO Travis Schwab said:

“It’s a pleasure to serve Bitbuy as our first Canadian client and the latest digital asset marketplace to turn to us for meeting critical trade surveillance needs. As more investors in Canada and throughout the world embrace this asset class, we’re truly honored to play a role in helping cryptocurrency exchanges and a variety of other market participants entering the crypto space meet new requirements and standards for safety and transparency.”

Torstein Braaten, Head of Regulatory Affairs and Chief Compliance Officer (CCO) of Bitbuy, said:

“The biggest challenge with an asset class like cryptocurrencies is having a window into what clients are doing. Validus is a very flexible, responsive system that gives my compliance team that window, with control over our tools and the ability to quickly make adjustments to meet our business needs. The client service at Eventus has been excellent, with weekly calls that give us the opportunity to provide continuous feedback. Sometimes the Eventus team even makes real-time adjustments to the platform based on our feedback. You don’t see this with other platforms, where you can’t make your own changes and might easily be put into a queue for six months or longer, even if the change is critical to your needs. We don’t have a lot of time to spare, and it was not only very quick to get Validus up and running but also easy for the compliance department to learn the system and interpret the data.”

Braaten has been involved with trade surveillance for 26 years – including as a CEO and CCO of two equity marketplaces – and has built surveillance systems from the ground up as well as worked with