Bitcoin Exchange PrimeXBT Partners With Bitfury to Ensure Compliance
Bitcoin exchange PrimeXBT partnered with blockchain development firm Bitfury to help it ensure Anti-Money Laundering compliance.
Bitcoin (BTC) exchange PrimeXBT announced that it partnered with blockchain development firm Bitfury in order to ensure regulatory compliance.
According to a press release published on Sept. 9, PrimeXBT will be using Bitfury’s blockchain analytics and cryptocurrency compliance software Crystal. The exchange hopes that the implementation will heighten its Anti-Money Laundering and Combating the Financing of Terrorism policies, as well as improve client security. A PrimeXBT official said:
“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.”
PrimeXBT claims that using Crystal will ensure that all procedures comply with global regulations. An algorithm developed by Bitfury will assign a risk score to all deposits coming into the exchange and blockchain analytics will issue a warning if the assets are tied to any known bad actors or crimes.
BitFury deploys AI for its own operations
As Cointelegraph reported in August, BitFury launched an artificial intelligence (AI) development unit. Bitfury chief executive officer and co-founder Valery Vavilov reportedly said that the company’s AI initiative is motivated by the need to analyze and extract information from great quantities of data.
Vavilov stated that, while the firm is still developing its AI unit, it expects to have more information regarding AI-enabled products sometime next year.