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. Last year, the company has signed an agreement with Simplex and provides services to its clients willing to buy/sell cryptocurrencies using SEPA transfers and credit cards.
Crystal is the all-in-one blockchain analytics platform, providing a comprehensive view of the public blockchain ecosystem. The Crystal software is available as a mobile application, SaaS, API, or as an on-premise installation. The Crystal software is engineered by the Bitfury Group, the world’s leading full-service blockchain technology company and is headquartered in Amsterdam.
The Bitfury Group is the world’s leading full-service blockchain technology company. Bitfury is building solutions for the future, with the most significant technologies of the millennium. Our mission is to make the world more transparent and trusted by innovating at every level of technology – hardware, security, and software – to put trust back into the equation. Founded in 2011, Bitfury is the leading security and infrastructure provider for the Bitcoin Blockchain.
In addition to securing the Bitcoin Blockchain, Bitfury also designs and produces innovative hardware that keeps cryptocurrencies and blockchains secure, including custom semiconductor chips and mobile data centers. Bitfury is also a software provider for the some of the world’s most cutting-edge applications through its ExonumTM private blockchain framework, its Crystal Blockchain advanced analytics platform, and its specialized engineering team for the open-source Lightning Network, Lightning Peach. To learn more, visit www.bitfury.com.
If you have any questions, please contact:
AML Officer of PayEx OU
Telephone: +372 5544243
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