Crystal Provides Ripple Support & Upgrades Exchange Compliance Categorizations

by the Crystal development team

Jul 30, 2020

Ripple Support Now Available!

The Crystal team is delighted to announce that we have added one more currency to the platform. From 30 July 2020, we are providing support for Ripple currency.

This support will be introduced in several stages:

  • In this latest release, we are introducing the monitoring tool for Ripple. Users will be able to create new customers where they can add Ripple transfers. Like for all other supported currencies, transfers will contain the source of funds or connections of the receiver (depending on direction), risky amounts, counterparty risk score, and other transfer details.
  • We will continue to expand the platform functionality available for Ripple monitorization so that eventually all other Crystal compliance tools will be available for Ripple also.

Compliance Categorization for Exchanges

From July, we will also be upgrading the categorization of exchanges on the platform to enhance configurability and strengthen compliance procedures.

As such, we will no longer use the categories “Exchange”, “Trusted Exchange”, and “Risky Exchange.” Instead, we are introducing categories based on exchange KYC/ AML policies.

The new categories will be as follows:

  • Exchange With Low ML Risk – exchanges that require KYC/AML identification for any deposit or withdrawal.
  • Exchange With Moderate ML Risk – exchanges that allow the withdrawal of up to $2000 in crypto daily without KYC/AML. (For fiat withdrawals, KYC/AML is still required.)
  • Exchange With High ML Risk – exchanges that allow the withdrawal of more than $2000 in crypto daily without KYC/AML. (For fiat withdrawals, KYC/AML is still required.)
  • Exchange With Very High ML Risk – exchanges that don’t use verification procedures, or have requirements for certain countries only.

“Risky Exchange” will become “Fraudulent Exchange” and this includes any exchanges involved in exit scams, illegal behavior, or who have had funds seized by the government.

For Crystal API Users:

  • trusted_exchange will be renamed exchange_mlrisk_low
  • exchange will now be divided into 3 types:
    - exchange_mlrisk_moderate
    - exchange_mlrisk_high
    - exchange_mlrisk_veryhigh
  • risky_exchange will be renamed exchange_fraudulent

If you are using Crystal API for integration, please update your software accordingly.

Visualization by Entity for Customers

We have introduced a visualization for customer monitoring. With the help of this tool, you can now build a visualization by entity, with a customer as an entry point. You can add all transfers associated with the customer onto the visualization canvas and work with them as you would with a regular visualization.

This tool allows users to investigate the source and the destination of a particular customer’s funds more thoroughly, gathering information that they can then export in a convenient format through our visualization export solution.

See the Crystal Blockchain platform in action. Get a demo today

Similar news

1500+ ERC-20 tokens (including 60+ DeFi protocols) now supported by Crystal

The Crystal platform now supports more than 1,500 ERC-20 tokens, including more 60+ DeFi protocols, internal blockchain transactions monitoring, and monitor report exporting

by the Crystal analytics team

Oct 29, 2020

Introducing Crystal 3.0: Cross-Currency Monitor, Connections Configurability & Customer Path Searches

In Crystal’s latest platform update, we’ve added a global Crystal monitor all in the same tool, configured our indirect connections, and implemented a path search for customer connections.

by the Crystal analytics team

Oct 01, 2020

Automated Parsing, Dark Theme & More Configurability

In Crystal’s latest platform update, we’ve implemented automated deposit parsing, added a dark theme screen option, and now have even more configurability for alert settings and connections.

by the Crystal development team

Aug 27, 2020

V 2.15: Risk Score Profiles, Alert Settings, Customer Connections & Search Logs

In the latest update, the analytics team has improved risk scoring profiles, alert settings, customer connections, and added a search logging solution.

by the Crystal analytics team

Jun 23, 2020

Transfer Rechecks, CSV Export Options, and Interaction Alerts

In the latest product update to Crystal analytics, platform users can now configure regular transfer rechecks, download a CSV export file, and create interaction alerts.

by the Crystal development team

May 28, 2020

Configurable Alerts and New API Endpoint for Pre-Transfer Checks

In the latest update to the Crystal Blockchain platform, version 2.13, we have updated our alert settings and developed a new API endpoint for withdrawal transaction transfers

by the Crystal development team

Apr 30, 2020

New Crystal Features: Geographical Attribution, New Clustering Algorithm, Real-Time Risk Scoring, & Slack Notifications

In the latest update to the Crystal Blockchain platform, version 2.12, clients now have access to a whole host of new features that enhance compliance and due diligence requirements

by the Crystal development team

Apr 03, 2020

Crystal Analytics Now Supports Tether

Several features have just been added to the Crystal Blockchain platform including Tether (USDT) support

by the Crystal development team

Feb 17, 2020

Crystal Now Has Corporate Accounts & Euro View

Crystal has just made Corporate Accounts available for our clients, along with the addition of live bitcoin to Euro conversion!

by the Crystal development team

Jan 20, 2020

Crystal Light Version and Address Tagging

Crystal clients can now use address tagging, investigative case sharing, and choose the lighter version of the analytics platform

by the Crystal development team

Dec 02, 2019

Added Functionality for Crystal’s Monitoring & Case Management Tools

In update 2.7 of the Crystal blockchain analytics platform, we rolled out improvements to the Monitoring features and the Case Management system to assist with your investigational needs.

by the Crystal development team

Nov 05, 2019

Crystal™ Blockchain Analytics Supports Litecoin

We’ve added yet another coin to the Crystal analytics platform, as well as making major improvements to the Case Management monitoring system

by the Crystal development team

Oct 01, 2019

Crystal™ Blockchain Analytics August Update

This month we released several new features and updated our product roadmap as we tackle cryptocurrency compliance issues.

by the Crystal development team

Sep 05, 2019

Crystal’s Configurable Risk Score Feature

Our brand new Configurable Risk Scoring feature introduces now allows all users to customize their AML risk scoring preferences when using our proprietary risk-scoring algorithm.

by the Crystal development team

Aug 08, 2019

Crystal’s Advanced Case Management Solution

Our analytics platform now includes an Advanced Case Management System for multi-account onboarding, tracking, and monitoring. This system designed with our corporate clients in mind.

by the Crystal development team

Jul 04, 2019

Enhanced Notifications, Connections, and Tracking

Three exciting product updates and feature improvements

by the Crystal development team

May 30, 2019

Added ERC-20 & ERC-721 token support

Expanded functionality on the Ethereum blockchain

by the Crystal development team

Apr 30, 2019

Crystal Blockchain Analytics Launches New “Activity” Tracking Feature

The Crystal analytics platform has just rolled out a new feature - the Activity tracking feature. It enables users who need to monitor the activity of a certain address or set of addresses over a longer time period.

by the Crystal development team

Feb 03, 2019

Crystal Blockchain Expands Coverage with Bitcoin Cash Blockchain

The Bitfury Group have released version 1.60 of the Crystal analytics platform adding analytical support for Bitcoin Cash. As a result, many Bitcoin Cash entities and addresses are now available on the database. Read full announcement at the link above.

by the Crystal development team

Oct 22, 2018