B2BX Partners with Crystal Blockchain to Boost Compliance

B2BX Exchange, a professional digital asset Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term, on Tuesday, announced that it has partnered with 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 to integrate the firm's solutions on its exchange to strengthen its anti-money laundering (AML) compliance.

The crypto exchange will use the blockchain analytics firm’s solutions to verify customers and audit balances to prevent money laundering and other illicit activities on the trading platform.

Commenting on the partnership, Arthur Azizov, chief executive of the crypto exchange, said: “We are looking forward to using Crystal analytics to improve our AML procedures and avoid the facilitation of illicit activities such as the trading of stolen coins. Crystal analytics is helping the entire cryptocurrency community in the fight against theft and resale of stolen cryptocurrency, a mission we fully support.”

A complete solution to analyze blockchains

Founded in 2018, Crystal Blockchain scans blockchains and provides insights into cryptocurrency transactions, including identities, risk scores, and transaction histories. The company made a name for itself in the industry as its solution was developed by the engineering team of Bitfury, one of the leading global crypto exchanges.

The Estonia-regulated exchange detailed that its decision to integrate Crystal Blockchain’s solution was also driven by its ties with Bitfury.

“Crystal is the ideal platform for digital asset companies looking to improve their AML procedures. Our collaboration with B2BX helps further the fight against illicit actions on blockchains, allowing for better compliance and more security within and beyond the blockchain community,” Marina Khaustova, CEO of Crystal Blockchain, added.

Launched in 2017, B2BX is the crypto-focused subsidiary of B2Broker Group. The company raised more than $8 million by selling tokens in 2017, right at the hight of the hype of initial coin offerings (ICO). It also became one of the first crypto exchanges regulated under Estonian law after obtaining a license last year.

Meanwhile, Crystal also added another crypto exchange, PrimeXBT, to its list of fresh clients.