Blockchain analytics firm Chainalysis announced the launch of two screening tools on Friday that will allow cryptocurrency wallet owners to determine if wallets are compliant with global sanctions efforts and will be provided free of charge to the crypto industry.
See related article: Coinbase blocks 25,000 Russian crypto wallet addresses
- Centralized exchanges widely use transaction monitoring tools to comply with sanctions policies and AML/CFT regulations, but participants and projects in decentralized ecosystems lack tools to detect risk.
- Economic and financial sanctions against Russian entities from nations around the world have been mounting since the Kremlin’s invasion of Ukraine, and there have been growing concerns that sanctioned entities may turn to crypto to sidestep restrictions.
- However, Chainalysis said it would be difficult for the Russian government and financial elites to use crypto at scale without getting detected.
See related article: Russian-linked strains lead crypto ransomware in 2021: Chainalysis
Web3 Reimagined. Data Intelligence Amplified. Click here to access.