Copy link
Increase text size
Decrease text size
Link copied

Bitcoin exchange PrimeXBT to use Bitfury's Crystal to ensure AML, CFT compliance

Image Credit: medium.com

Tue, 10 Sep 2019, 05:50 am UTC

Bitcoin exchange PrimeXBT has entered into a partnership with blockchain development firm Bitfury Group to ensure regulatory compliance.

As per a press release, PrimeXBT will utilize Bitfury’s analytics and cryptocurrency compliance software Crystal, in a bid to enhance its anti-money laundering (AML) measures and combating the financing of terrorism (CFT) monitoring, thereby improving client security.

As a responsible member of the global financial community we are faced with the important yet challenging task of eliminating laundering without sacrificing the privacy of our clients,” an official of PrimeXBT said.

The Crystal analytics tools will reportedly ensure that all PrimeXBT’s procedure comply with global standards, thereby promoting a safer financial community. A proprietary algorithm designed by Bitfury will assign a risk score to all deposits going into the exchange. Further, detailed blockchain analytics will warn PrimeXBT if any certain assets are linked to bad actors or crimes, including hacking an exchange or ransomware.

Crystal Blockchain B.V. looks forward to working together with PrimeXBT to improve their cryptocurrency compliance procedures and adding to the improve security of the blockchain industry. Safe trading for all is a top priority for both companies involved,” Marina Khaustova, Crystal Blockchain B.V. CEO said.

Last month, Amsterdam-based Bitfury launched its artificial intelligence (AI) division as it aims to analyze and extract value from tons of available data. It will be a part of the company and operate alongside its existing blockchain services. The AI unit, which will be led by technology expert Fabrizio del Maffeo, is currently in the research mode and is scheduled to be rolled out by the end of 2019 or early 2020.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,632.80 (+2.23%)
  • Ethereum (ETH) $345.69 (+2.60%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $214.99 (+0.74%)
  • Binance Coin (BNB) $24.35 (+2.41%)
  • Bitcoin (BTC) $10,632.80 (+2.23%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft