Article
by the Crystal product team
December 14, 2022
The TRON network has earned tremendous traction in recent years, with over 114 million blockchain users and trending up, with 3.9 billion transactions. TRON hosts the largest supply of stablecoins globally. TRON is dedicated to revving the decentralization of the Internet via blockchain technologies and decentralized applications. Established in September 2017 by H.E. Justin Sun, the TRON network has delivered outstanding achievements since the MainNet launch in May 2018. In July 2018, TRON acquired the ecosystem of BitTorrent, a pioneer in decentralized services with over 100M monthly active users. This essential product update includes support for TRX. TRX is currently in the top 20, with over $5 billion in market capitalization. Approximately 7 million daily transactions occur in the network; on average $150M worth of TRX.
In our latest release, we implemented the Crystal Software Development Kit (SDK) for the API endpoints of Crystal Monitor. The SDK will allow users to integrate Crystal API more quickly and smoothly and to configure the integration.
We have updated the entity types and we are now introducing new categories that will help users understand risk profiles better.
The new categories and their default risk score in the Crystal profile are now:
1. Exchange Licensed – Risk score 10%
The entity holds a business license specific to crypto assets, including custody, exchange, brokerage, or any other related financial service. It provides an exchange service where participants interact with a central party (the entity). It does not include non-specific financial service licenses and jurisdictions listed as non-cooperative with FATF.
2. Exchange Unlicensed – Risk score 60%
The entity does not hold any specific business license for crypto assets and provides an exchange service where participants interact with a central party (the entity). It includes licensed entities but in jurisdictions listed as non-cooperative with FATF.
3. P2P Exchange Licensed – Risk score 10%
The entity holds a business license specific to crypto assets, including custody, exchange, brokerage, or any other related financial service. It provides an exchange service where participants exchange directly with each other. It does not include non-specific financial service licenses and jurisdictions listed as non-cooperative with FATF.
4. P2P Exchange Unlicensed – Risk score 60%
The entity does not hold any specific business license for crypto assets and provides an exchange service where participants exchange directly. It includes licensed entities but in jurisdictions listed as non-cooperative with FATF.
5. Enforcement Action – Risk Score 75%
The entity is subject to legal proceedings. Jurisdictions will be annotated as a subtype.
In addition, we have created a new Risk Score Profile ‘recommended by Crystal’, which now considers the specifics of each entity type. Users can enable it in the Risk Score Profiles section.
Contact the team at [email protected] to learn more about our solutions and our latest features. We’re happy to assist you!
Product Update
A new boost for KYC efficiency and now you can also create visualisations for VLX,...
August 16, 2023
Article
Crystal’s Version 4.10 offers new features and upgrades to make crypto compliance faster and...
July 4, 2023
Article
Our latest product update brings the long-awaited Multichain Visualization. This feature allows our users to...
May 18, 2023