“As a responsible member of the global financial community, we are faced with the important yet challenging task of eliminating money laundering, without sacrificing the privacy of our clients,” says an official PrimeXBT spokesperson. The statement comes just after the bitcoin-based margin trading platform announced on Tuesday, 10 September 2019, that it will be partnering with Bitfury to fast track compliance.
Bitfury’s blockchain analytics and crypto compliance software, Crystal platform, is used for advanced anti-money laundering/counter-terrorism financing monitoring and increased client security.
The Crystal adoption aims to improve the safety and security of PrimeXBT clients thanks to its proprietary algorithm – when crypto-assets are deposited onto the PrimeXBT platform, they are assigned a risk score which will alert the company of any cryptocurrencies tied to bad actors, or any crypto-assets that were involved in a crime, such as a hack of an exchange or through ransomware.
Not only does the software heighten PrimeXBT’s security, using analytics tools, the platform will also be able to ensure all procedures comply with global regulations.
“Crystal Blockchain B.V. looks forward to working together with PrimeXBT to improve their cryptocurrency compliance procedures and adding to the improved security of the blockchain industry. Safe trading for all is a top priority for both companies involved,” said Marina Khaustova, CEO of Crystal Blockchain B.V.
“The Crystal platform was the best choice and most credible and trusted partner to help us achieve these goals,” concluded the PrimeXBT official spokesperson.
Edited by Jenna Cook
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