A total of seven cryptocurrency exchanges have contracted with Nasdaq to use its surveillance technology. The technology, which has various products including SMARTS (which was adopted by Gemini), enables Bitcoin exchanges to identify fraudulent trading patterns. How Nasdaq Evaluates Crypto Exchanges According to Forbes writer Michael del Castillo, Bitcoin exchanges must have more than enough capital to cover the steep fees Nasdaq charges to license its technology. Nasdaq conducts a means test which focuses on the backgrounds of exchange executives as well as practices within them. Exchanges must list reputable tokens and must have a solid process through which they
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