Bitcoin-based margin trading platform, PrimeXBT will use the Bitfury’s blockchain-powered analytics software, Crystal platform to enhance its security and improve on compliance programs.
As confirmed in a press release today, PrimeXBT reached a partnership with Bitfury, a full-service blockchain firm in the bid to enhance clients’ security, as well as promote Anti-money Laundering (AML).
Launched in 2018, the Crystal is an all-in-one bitcoin blockchain investigation tool that uses advanced analytics and data scraping to map transactions on the blockchain and track the transparency of crypto funds.
In the words of an official from PrimeXBT concerning the development:
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. The Crystal platform was the best choice and most credible and trusted partner to help us achieve these goals.
Following the partnership, Bitfury, via its Crystal analytics tools, will assist PrimeXBT to modify its AML and CTF-related due diligence, thereby ensuring all procedures on the trading platform relates to global regulations.
Every crypto assets deposited into the PrimeXBT trading platform will be assigned a risk score based on a proprietary algorithm which will alert PrimeXBT of cryptocurrencies tied to bad actors, or involved in a crime, like a hack of an exchange or through ransomware, as per the report.
While highlighting on the need for user data protection, the CEO of Crystal Blockchain B.V., Marina Khaustova, said:
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.
With the ultimate goal of offering advanced trading features to users, the Crystal analytics platform is believed to give PrimeXBT an in-depth understanding of its clients, including the crypto assets they trade.