Chainalysis representatives announced services for identifying cryptocurrency wallets that have fallen under sanctions.
Analysts from Chainalysis announced in their blog about the launch of two free tools to limit the possibilities of circumventing sanctions with cryptocurrency assets. Specifically, they are talking about using tools to limit companies and individuals from Russia included in the sanctions lists of the Office of Foreign Assets Control (OFAC) of the U.S. Treasury Department.
While centralized services possess the tools to implement sanctions policy on their own, decentralized services do not have such capabilities. Thus, Chainalysis services are designed primarily for DEXs, DeFi platforms, DAP and dApps:
- On-chain oracle for smart contracts. It is already running on most EVM-enabled networks such as Ethereum, Avalanche, BSC, Polygon, Optimism, Arbitrum and Celo.
- API for mobile apps and websites. The launch is scheduled for April.
Both services allow you to automatically check if a cryptocurrency address is on the OFAC sanctions list. At the moment, the services are aimed at implementing the sanctions policy against the Russian Federation, but in the future may be applicable to restrictions against all countries subject to U.S. sanctions. Recall that the current sanctions are imposed on Cuba, Iran, North Korea, Syria, Venezuela, as well as individual companies and persons suspected of drug trafficking and terrorist financing.
