Payex OU has signed an agreement with Bitfury, to use its all-in-one Bitcoin Blockchain investigative tool to implement new Know Your Transactions [KYT] policies. The CrystalTM software, a leading analytics platform engineered by the Bitfury Group, offers a comprehensive view of the Bitcoin Blockchain, using advanced analytics and data scraping to identify suspicious transactions and associated entities.
The Crystal analytics platform was specially designed for financial institutions working on the deployment of compliance and due diligence policies. The use of the Crystal software is a necessary step as Payex OU moves towards full compliance with European Union regulations, including the fifth EU Anti-Money Laundering Directive [5AMLD] released in June 2018.
The 5AMLD outlines new legislative requirements regarding virtual currencies, including a requirement that all cryptocurrency exchanges must comply with CFT/AML regulations. Other requirements include conducting customer due diligence and reporting any suspicious activity.
Valentin Preobrazhenskiy, founder of iPayex OU and LATOKEN CEO said,
“In order to adopt the blockchain financial system for mainstream users, it should be safe for the mainstream. The Crystal software trace risky transactions and cut compliance risks. This agreement will enable Payex OU to enhance its AML capacities and pave the way towards OTC trading, more competitive fees, and offering a broader range of services through cooperation with top-tier financial institutions.”
Bitfury’s Crystal software is one of the world’s most comprehensive analytics services. Its many features include the ability to analyze pseudonymous bitcoin payments for risk and identify relationships between blockchain entities.
Marina Khaustova, CEO of Crystal Blockchain B.V said,
“Bitfury’s Crystal analytics tool will make it much easier for Payex OU to be regulatory compliant and fight criminal use of cryptocurrencies. This critical step helps ensure that the Bitcoin Blockchain and other public blockchains will have a secure future.”
Payex OU was founded in 2018 and holds licenses to exchange fiat against cryptocurrencies and operate e-wallets.