Cryptocurrency trading platform PrimeXBT announced on Monday it is planning to use the Crystal platform, which is Bitfury Group’s blockchain analytics and crypto compliance software, Crystal, for advanced anti-money laundering/counter-terrorism financing monitoring and increased client security.
According to PrimeXBT, the Crystal adoption will improve the safety and security of PrimeXBT clients. To do this, crypto-assets deposited to PrimeXBT are assigned a risk score based on a proprietary algorithm.
“Detailed blockchain analytics will alert PrimeXBT 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.”
Speaking about the collaboration, Marina Khaustova, CEO of Crystal Blockchain B.V., stated:
“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 official went on to add:
“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.”