We would like to inform our clients that Crybex was the first among all CIS exchange offices to integrate the AMLBot plugin into the service systеm.
Throughout the entire period of operation of the Crybex exchange office, our team analyzed the addresses and transactions of our users outside the systеm in order to prevent the use of the service for illegal purposes. Now this process has been simplified as much as possible, and also fully automated.
Next, we will try to explain to our users and guests of the service why it is necessary to use AMLBot , as well as what task it performs.
If you are not an experienced user who can rightfully call yourself a part of the crypto community, you probably do not know the following designations: FATF , AML , 5AMLD … And if this is really the case, we advise you to read this article.
In the field of cryptocurrencies, as in other systems related to money transfers, there is an acute issue of combating money laundering, obtained by illegal means (financing of terrorism, drug trafficking, arms trade, etc.). Cryptocurrencies provide their owners with a high level of anonymity, which, of course, attracts many new users, among whom there are also those who have not the purest thoughts.
FATF is the Anti-Money Laundering Financial Action Task Force. One of the most significant organizations involved in this activity, but far from the only one. Such organizations often work with government agencies, so you shouldn’t think about the absence of consequences for actions with cryptocurrency, which has high-risk sources of origin.
5AMLD is a directive of the European Parliament and the Council of the European uniоn on the prevention of the use of the financial systеm for money laundering and terrorist financing. This directive outlined the requirements and responsibilities of financial structures, as well as companies and services whose activities are directly related to electronic currencies, cryptocurrencies.
Сrystal Blockchain , Chainanalysis and AMLBot have their own software that checks crypto wallets, incoming and outgoing transactions for illegal activities. The check is based on the following features:
- Nothing is deleted on the blockchain;
- The database cannot and will not be deleted;
- Information for each transaction is available on the blockchain;
- Bitcoin and other cryptocurrencies are composite.
Thanks to this, it is possible to track all the relationships of the asset using an analytical algorithm. If the transaction went through risky address A, then, regardless of the length of the chain to the destination address X, the relationship of X to A.
Example of scan results using AMLBot:
What conclusions can be drawn?
Our service takes a firm position in the fight against money laundering, obtained by illegal means. We urge our users to comply with the terms of use of our service, and attempts to use our service for illegal purposes will be prevented. Each transaction, as well as the wallet, will be checked using AMLBot-a , and if the risk level exceeds the critical one, you will not be able to create an exchange request, or the transaction will be blocked to find out the source of the funds.
The purpose of this article is not to intimidate our customers. We tried to inform users about the things they need to know when using our service, as well as cryptocurrencies in general. Moreover, the integration of AMLBot into the exchange office systеm is aimed at improving the security of our customers. Do not forget that when you create an application on our service, you can get the results of AML verification.
More details about AMLBot can be found on company home page .
