Coinfirm, a leading provider of illegal asset tracing and crypto AML compliance, announced its Atomic AML Oracle is expanding across another eight blockchains, additionally enhancing subscribers’ crypto compliance, Coin Journal learned from a press release.
According to FATF’s (Financial Action Task Force’s) updated guidelines, DeFi operators should be treated like providers of virtual asset services. Coinfirm created the Atomic AML Oracle in response to this move.
More and more watchdogs all over the world want to bring decentralized finance (DeFi) in line with anti-money laundering laws and keep combatting scams, fraud, terrorism financing, and other illegal activities.
Among them are the US SEC and CFTC. The EC published recommendations in MiCA (Markets in Crypto Assets). Documents like these are expected to set the tone for DeFi regulation in the EU.
The AML Oracle will cover a number of new blockchains, including Binance Smart Chain, Arbitrum, Avalanche, Fantom, Celo, Optimism, and Polygon.
It will be implemented on RSK and the Ethereum Classic blockchains in the near future, enhancing its already wide reach.
One thousand addresses have already been blacklisted. These are addresses flagged as being associated with terrorist financing, OFAC sanctions lists, arms dealers, drug traffickers, and notable recent hacker wallets.
As OFAC sanctions lists and other global watchdogs add more and more addresses to sanctions lists, AML Oracle’s blacklist is growing by batches of 20 addresses a week. These malevolent entities’ ability to operate is continuously limited as a result.
AML Oracle’s freemium trial is over as user interest in it has become excessive since the Oracle launched on the Ethereum Mainnet in May this year.
The post Nine blockchains to support Atomic AML Oracle by Coinfirm appeared first on CoinJournal.
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