Globitex

Globitex Partners with Bitfury Group to Boost AML Capabilities

Globitex - Bitfury GroupGlobitex, a UK based leading crypto sector based fintech firm has recently revealed in an announcement that it has partnered with Amsterdam based blockchain service provider Bitfury Group in its bid to boost Anti-Money Laundering capability measures. Cryptocurrency industry is one in which security and compliance measures are paramount to ensure fraud prevention activities and Europe recently enforced its fifth version of money laundering directive (5AMLD) which came into effect on 10.01.2020. Following to enforcement of 5AMLD in financial markets across Europe, major financial service providers and fintech firms have embraced the directive and taken measures to implement the directive in their services. As part of its efforts to ensure compliance with 5AMLD’s security and AML/CFT requirements, Globitex has partnered with Bitfury Group to gain access to their newly launched crystal blockchain service.

The partnership facilitates Globitex’s clients from both crypto related business verticals and retail trading verticals with improved functionality by helping identify suspicious transactions, stolen funds and Cryptocurrencies that have passed through mixers. Also clients of the fintech service provider gain access to new tools which provide improved risk mitigation when dealing with particular coins in form of greater protection of client data and advanced analytics capabilities to help them gain better understanding of risk profiles affiliated to each coins. Some of the most popular coins which are covered by Bitfury group’s crystal blockchain and analytics service are Bitcoin, Ethereum – ERC20 & ERC721, Bitcoin Cash, Litecoin and Tether. Bitfury’s crystal analytics program explained in simple words is a blockchain tech which facilitates configurable risk scoring capabilities based on a sophisticated machine learning algorithm and provides comprehensive view of the public blockchain ecosystem.

The Crystal solution is available in firm of SaaS, API and on premise installation. Globitex which hit mainstream market in 2017 is a fintech firm which provides financial infrastructure which acts as bridge between crypto and fiat worlds for businesses looking to transact in any currency, anywhere in the world. Globitex makes this bridge between two separate financial worlds possible by allowing clients to integrate its IBAN regulated current account EURO wallet with any cryptocurrency exchange of clients’ choice thereby making access to both currencies and transaction/conversion of fiat and Cryptocurrencies a simple process.

Commenting on this partnership, Marina Khaustova, Chief Executive Officer at Bitfury Crystal said, “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”.

Speaking about the deal between two firms, Uldis Teraudkalns – CEO of Globitex said, “5AMLD has brought Cryptocurrencies under 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”.