AML is a Serious Thing, and Bittrex’s Partnership with Identity Mind Shows its Priority
Yesterday, Bittrex made an announcement on Twitter about its partnership with Identity Mind. Identity Mind is an on-demand security platform. It caters to needs such as risk management and anti-fraud services, and so on. The services are beneficial for the electronic commerce ecosystem such as banks, payment platforms, internet-based merchants, companies, and so on. The services of Identity Mind will be used for “automated Transaction Monitoring” as the main purpose of the AML process. It will be used for Bittrex.com and Bittrex International platforms, as per the official Bittrex blog.
We're committed to compliance in order to help prevent, detect and remediate suspicious behavior. Learn more about our partnership with @IdentityMind as part of our compliance efforts. https://t.co/XkxlnT6Z5Z
— Bittrex (@BittrexExchange) May 21, 2019
The twitter post by Bittrex received 40 re-tweets, which shows the popularity of the platform, it also got one hundred thirty-one hearts, along with twenty-two comments from the readers.
On this partnership, the CEO of Bittrex- Bill Shihara said-
At Bittrex, we have gone to great lengths to implement an AML compliance program in order to help prevent, detect and remediate suspicious behavior. […] With headquarters in the U.S., our expansion into Europe, and a growing network of partner platforms around the globe, we were looking for a state of the art technology to make our compliance posture worldwide even stronger.
Bittrex’s Initial Exchange Offering-
On the other hand, yesterday, Bittrex had its second initial exchange offering. The first IEO was with VeriBlock (VBK.) Unfortunately, this project didn’t work up to the expectations. The recent VDX initial exchange offering had air dropped 7 million VDX tokens to the user base. As per the IEO rules, the maximum number of tokens per user was 120. The users were given a certain set of tasks to finish in order to receive the tokens. What made this IEO extra special was the fact that- it offered a good percent of tokens to its customers. As per reports, this IEO offered around sixty percent with 1 VDX. The rate of 1 VDX was 0.01 U.S Dollar. The users were allowed to invest in VDX with BTC only.
More on Bittrex-
Recently, the Bittrex Exchange transferred a good amount of XRP to Upbit’s Exchange. The amount was 6,999,999 XRP and was transferred on 18th May at 9:25 UTC. This transfer became news because of the fluctuations that the crypto coins have been facing lately. But amidst the turbulence, XRP still maintained an almost equilibrium since January. On the same day, the exchange did another transaction of 9,999,999 BTC to Upbit at 9:24 UTC, on 18th May 2019. This would roughly equate to 3,712,226 U.S Dollars.
This heavy transaction split the crypto community into one group that thinks that this is a just a transfer of tokens, whereas, on the other hand, the other group raises red flag around the issue.
More on Identity Mind-
Earlier this month, Identity Mind was making rounds of news. Recently, it has formed a partnership with Tokeny. This partnership was a step towards the investment identity Solution aka- InvestID Solution. Identity Mind is expected to raise the standards of the already existing Tokeny’s investorID platform.
On this the CEO of Tokeny- Luc Falempin said-
This partnership reflects the growing ecosystem of investorID, a not-for-profit application we recently launched. By joining the investorID ecosystem, these identity providers have the opportunity to work with issuers using the T-REX Ethereum standard.