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) $62,961.00 (-0.36%)
  • Ethereum (eth) $4,205.40 (+1.28%)
  • Binance Coin (bnb) $488.00 (+0.46%)
  • Tether (usdt) $0.999352 (-0.47%)
  • Cardano (ada) $2.18 (+1.04%)
  • Bitcoin (btc) $62,961.00 (-0.36%)
Jul 15, 2021 (Thursday)
13:30
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft