Globitex Selects Bitfury’s Crystal Blockchain for Stronger AML

Globitex, a European cryptocurrency exchange, announced this week that it has teamed up with Bitfury Group’s Crystal Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term, in order to boost its anti-money laundering capabilities.

Crystal Blockchain provides AML compliance and security measures to its customers through the Bitfury Crystal platform. Under the agreement, Globitex, a high-growth fintech company, will be able to provide regulatory-standard AML and CFT compliance to its clients.

In particular, clients of Globitex, which are businesses within the crypto space and retail traders, will have access to improved functionality which can identify suspicious transactions, stolen funds and similar issues.

Globitex partnership comes in wake of 5AMLD

The partnership announced on Wednesday comes in the wake of the European Union’s Fifth Money Laundering Directive (5AMLD), which reinforces the region’s AML/CFT regime to address a number of emergent and ongoing issues.

Commenting on the partnership, Uldis Teraudkalns, CEO at Globitex said in the statement: “5AMLD has brought Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term under a governance the industry can trust—crypto businesses are required to comply with anti-money laundering rules and perform Know Your Customer (KYC) checks.

“This new regulation gives legitimate businesses the opportunity to prove that they can operate successfully in a regulated environment and gain more trust. Like any other industry, this requires working with expert partners that understand the crypto sector and can guarantee compliance. This partnership with Bitfury Crystal demonstrates our commitment as a licensed, compliant provider to help our clients demonstrate their legitimacy and bring stability, reliability and trust.”

Furthermore, via the partnership, Globitex is able to offer new tools which improve risk mitigation when dealing with particular coins, the statement said, as well as providing greater protection of client data.

“Bitfury Crystal is looking forward to working with Globitex to provide safe and secure AML measures for their institutional and retail clients. This collaboration shows where the digital asset space is heading as a result of further regulatory advances and strengthening industry transparency,” added Marina Khaustova, CEO at Bitfury Crystal in the statement.