PrimeXBT a Bitcoin exchange platform recently sent out a press release indicating that they had entered into a partnership with Bitfury, a blockchain development company. The partnership between the two companies is meant to ensure that the exchange is compliant with industry standards and regulations.
The press release which was published on Monday, September 9th stated that the exchange would now begin using Crystal. This is a cryptocurrency compliance software and blockchain analytics product that was designed and developed by Bitfury.
By using the cryptocurrency and analytics software, Prime XBT is hoping that its implementation and integration will assist it to comply with anti-Money Laundering policies. It will also be using the platform to assist it to combat the financing of terrorism operations around the world which has been posing a menace to the global populace in the last few years.
This will be in addition to using the platform and software to improve client security. An official from PrimeXBT added that being a responsible financial platform, the company was faced with an essential challenge of helping to eliminate money laundering operations without getting to compromise or increase privacy-related risks.
By using Crystal, the company is hoping that it will get a chance to make sure that all its procedures get to comply with all financing and money transmission regulations. Bitfury has developed an algorithm that will be used by the exchange to assign a risk force to all money coming into the exchange in the form of client deposits.
The use of blockchain analytics is meant to provide a warning in case it is determined that any of the assets that have been sent into the company are in any way tied to criminals, bad actors, or acts of crime.
Bitfury Gets to Deploy Artificial Intelligence to Hemp Monitor Its Internal Operations
Cointelegraph in August reported that Bitfury had deployed an AI that was to be utilized in its development department. Valery Vavilov, its Co-Founder and CEO stated that the AI released by the company was motivated by the company’s desire to extract information and analyze data in greater quantities.