PrimeXBT Announces Integration of Bitfury Crystal’s Advanced AML and CTF Tools

In a move to combat the growing risk of
crypto-based cybercrime and to provide additional security for client funds,
multi-asset trading platform, PrimeXBT, has announced their
partnership with Bitfury Group’s crypto analytics and compliance company, Crystal Blockchain.

Crystal specializes in
providing real-time data about potentially problematic and illegally-sourced
payments, using their advanced proprietary software to track the origins of
cryptocurrency transactions. 

The project has already worked
with other major exchanges and platforms during high profile attacks, including
the December 2018 Electrum wallet phishing attack, and the June 2018 Bithumb
hack that netted over 2,000 BTC – with a value of more than $31 million at the
time of the attack.

In this case and others,
Crystal was used to track the whereabouts of the stolen cryptocurrency and to
provide live data to other exchanges in order to allow them to identify
transactions that have illicit origins.

Based on PrimeXBT’s prodigious
growth in 2019 of both its number of users and trading volume, upgrades to the
platforms AML and CFT compliance procedures were necessary to meet the growing
demand. 

The integration of Crystal’s
cutting-edge analysis tools marks the addition of yet another advanced feature
by the platform, with consistent steps being taken this year towards providing
traders with world-class security, compliance and usability.

Cybercrime Becoming More
Prevalent Every Year – $4.3B Stolen in 2019 so far

Cointelegraph
reported that so far in 2019 over
$4.3 billion worth of cryptocurrency has been stolen via exchanges hacks, exit
scams and other methods targeting trading platforms and crypto investors. 

PrimeXBT’s partnership with
Crystal comes at a time in which cybercriminals and hackers are becoming ever
more active within the cryptocurrency industry. 
Exchanges and trading platforms are particularly popular targets,
because of the significant rewards and typically expansive attack vectors to
protect. 

Ransomware is also growing in
popularity as a tool used by cybercriminals, and the ability for these funds to
be deposited into PrimeXBT without detection is dramatically reduced with the
use of Crystal’s analytics technology.

The real-time information that
PrimeXBT will receive will allow for immediate action to be taken in the event
of deposits from any malicious actors, and will simultaneously enhance safety
and security for all traders that use the platform.

No Compromise of User
Privacy by Targeting the Source of the Transaction

With the use of Crystal, there
needs to be no deviation from the high standards of user privacy that PrimeXBT
maintains in order to identify illicit inwards transfers.  The origin of each transaction is assessed
and given a risk score based upon their connection to known scams, vulnerable
darknet marketplaces and other addresses that are deemed as risky.

Throughout the process no
personal user data is gathered or stored, which ensures full user privacy,
while transactions that originate from dubious locations are immediately
flagged by the system.

Crystal’s proprietary algorithm
scans all cryptocurrency entering the platform, where funds tied to bad actors,
criminal activities and other malicious origins are quickly identified and
easily quarantined.

There is no requirement for
personal or private user data to be provided to Crystal’s algorithm, and only
data relating to the assets themselves are provided, such as the previous
wallet address and transaction histories.

The Latest Addition in a
Range of Advanced Features to be Added to PrimeXBT

The unparalleled growth that
PrimeXBT has seen in 2019 has coincided with the release of a wide range of
powerful new features and tools, and the introduction of over 30 traditional
assets to compliment the bevy of leading crypto-assets already available.

The platform announced a
partnership with crypto social-trading platform, Covesting,
to integrate a module that allows traders to generate additional profit on
trades by creating peer-to-peer funds, allowing others to invest behind
experienced traders with proven track records.

In July, PrimeXBT also became a
bridge between global cryptocurrency and traditional markets by incorporating
18 major Forex pairs, commodities like Gold (XAU/USD), Silver (XAG/USD) and Oil (BRENT/USD, CRUDE/USD), and
the world’s leading stock indices such as the NASDAQ, SP500 and NIKKEI.

These releases all join a range
of pre-existing advanced features that include leveraging of up to 100x on all
of the top crypto-assets, aggregated liquidity from 12 providers, powerful and
easy-to-use iOS and Android apps, and the introduction of leveraging of up to 500x
on traditional assets and instruments.

In Summary

Crypto cybercrime is on the
rise in 2019, and by partnering with Bitfury’s Crystal, PrimeXBT is positioned
to provide global cryptocurrency investors with a safer, more secure and more
compliant trading environment.

With the integration of
Crystal’s cutting-edge analysis algorithm, PrimeXBT’s security and compliance
measures will be enhanced, and will allow for the real-time identification of
transactions from risky sources, and the functionality for them to be
appropriately dealt with.

User privacy does not need to
be sacrificed in order to track the origins of each transaction, and in
partnership with Crystal, PrimeXBT has implemented a solution that allows for alignment with global
regulatory requirements for information sharing relating to crypto cybercrime,
while still ensuring that all clients retain their privacy while using the
platform.