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PrimeXBT joins forces with Bitfury’s Crystal for better AML, CTF guidelines compliance

Chayanika Deka

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As crypto-related crimes continue to surge across the globe, many options are being considered for the most efficient and safest of crypto-operations. Despite the aforementioned surge however, blockchain and cryptocurrencies continue to remain a preferable option for carrying out transactions anonymously. In an attempt to avert crimes related to terrorism funding, while also monitoring and increasing clients’ security, PrimeXBT has partnered with Bitfury’s Crystal to advance its AML policies.

Previously, PrimeXBT had dedicated a significant number of its features for users across all financial markets. In order to revamp its position globally, PrimeXBT had addressed issues regarding provision of a fair-trading environment by keeping users’ data and assets secure.

For doing so, the firm is adhering to the globally accepted Anti-Money Laundering (AML) and Counter-Terrorism Funding (CTF) guidelines. Many in the cryptocurrency community were elated with the latest development, with a PrimeXBT official stating,

“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.”

With the help of Crystal analytics platform, PrimeXBT will be able to get a better understanding of its clients, along with the crypto-assets currently traded over the exchange. Moreover, with Crystal adoption, PrimeXBT clients’ safety and security will be upgraded. All crypto-assets deposited to PrimeXBT will be assigned a risk score and blockchain analytics will alert PrimeXBT if any kind of illegal activity using cryptocurrencies takes place.

Japan has already taken steps towards cryptocurrency adoption with proper regulation, with officials are committed to ensuring clients’ privacy. As in the case of PrimeXBT, it partnered with Crystal to ensure the effective monitoring of finances.

Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.

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