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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.

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