Blockchain forensics company Chainalysis is launching two tools that will allow crypto companies to deny sanctioned persons and entities access to their platforms. The move comes amid concerns that Russia may use cryptocurrencies to evade sanctions imposed due to its invasion of Ukraine.
Chainalysis Offers Crypto Industry New Sanctions-Screening Tools
As the military conflict in Ukraine intensifies, western allies continue to expand sanctions on Russia, including by targeting opportunities to employ crypto assets to circumvent the restrictions. Blockchain analytics firm Chainalysis has joined these efforts, announcing two new sanctions-screening tools that will be free for the industry:
These solutions will enable the builders of decentralized web3 protocols like DEXs, defi platforms, DAOs and dapps, as well as practically anyone interacting with cryptocurrency, to easily validate that they aren’t interacting with cryptocurrency addresses associated with sanctioned entities.
One of the tools, an on-chain oracle designed for smart contracts, is already available and users…