PrimeXBT, Bitfury's Crystal join forces towards AML

PrimeXBT, a bitcoin-based trading platform, announced on 09 September that it will be using the Crystal platform, Bitfury Group’s blockchain analytics for security.

PrimeXBT commenced by stating that the novel security features would be used for advanced anti-money laundering/counter-terrorism financing monitoring and increased client security. The trading platform asserted that it was dedicated to offering its clients the best features for traders across any financial market. Such offers include advanced order types, long or short positions, and a full-scale peer-to-peer fund management module.

Marina Khaustova, CEO of Crystal Blockchain B.V added – 

“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.”

PrimeXBT further added that it takes its responsibilities as a member of the global financial market very seriously. The trading platform added that the key issues include providing a fair-trading environment, keeping user’s data, assets, or privacy secure, and sticking to global anti-money laundering (AML) cum counter-terrorism funding (CTF) guidelines.

PrimeXBT maintained that emerging technologies behind cryptocurrency and blockchain provides a unique opportunity. The firm noted that the analytics tools would strengthen AML and CTF-related scrutiny, ensuring all processes adhere to global regulations. PrimeXBT summarized that the software was developed by a team of world-class analysts and award-winning mathematicians.

The-partnership-would-foster-advanced-anti-money-laundering,-counter-terrorism-financing-and-increased-security

Elliptic announced the release of the Elliptic Data Set, the largest set of labeled transaction data for detection of shady cryptocurrency transactions. Elliptic informed that the development was to foster the progress of novel techniques to thwart illicit activities. The security-focused blockchain firm further added that the release coincided with a new paper co-authored by Elliptic scientists. The scientists had collaborated with researchers from the MIT-IBM Watson AI Lab to present a paper related to Anti-Money Laundering (AML) in Bitcoin.

World Blockchain Initiative (WORBLI) and StrongBlock have entered into a partnership to work on mutually beneficial distributed ledger projects. WORBLI shared some credentials by informing that it provides precision applications with a fast and compliant blockchain solution. WORBLI highlighted that with built-in anti-money laundering (AML) and other developer tools, WORBLI is at the peak of a fair financial system.