LONDON–(BUSINESS WIRE)–Coinfirm, the leading crypto AML compliance and illicit asset tracking solutions provider, announces the expansion of Atomic AML Oracle to cover an additional 8 blockchains, further strengthening its subscribers’ crypto compliance.
In line with FATF’s (Financial Action Task Force) recommendations, published in its Updated guidance for a risk-based approach to virtual assets and virtual asset service providers document in October 2021, DeFi operators are to be seen as Virtual Asset Service Providers (VASPs). In response to this move, Coinfirm created the Atomic AML Oracle.
An ever-increasing number of national regulators want to place decentralized finance (DeFi) well under their respective anti-money laundering mandates, to continue to combat terrorist financing, fraud, swindling and other illegal activities. Along with the FATF, these organizations include the CFTC and the SEC in the US, while recommendations published in documents such as MiCA (Markets in Crypto Assets) published by the European Commission will set the tone for DeFi regulation in the EU.
The new blockchains to be covered by AML Oracle are the chains Abitrum, Avalanche, BNB Smart Chain (BSC), Celo, Fantom, Optimism and Polygon. Coming soon to Atomic AML Oracle will be the implementation of the Ethereum Classic and RSK blockchains, further increasing its reach.
The number of addresses blacklisted—covering OFAC sanctions lists, terrorist financiers, drug traffickers, arms dealers, recent large hacker wallets and other high-risk flags—by the service has steadily grown to include 1,000 on each blockchain supported by the Atomic AML Oracle. Lots of approx. 20 addresses are added to the blacklist per week as they are added to OFAC’s sanctions list and a number of other global databases that list bad actors’ addresses – continuously limiting their ability to operate in the crypto space.
Oracle has generated increasing user interest since the launch of Oracle on Ethereum in May 2022 – so Oracle’s freemium trial has now ended. To continue to glean deep, risk-mitigating insights from the Atomic AML Oracle, contact Coinfirm for a monthly subscription and license.
About Coinfirm
Coinfirm is a world leader in blockchain analytics and RegTech solutions, creating a safer blockchain economy – by protecting devices from being tainted with funds originating from illegal activities such as ransom hacking, human trafficking and terrorist financing – through risk scoring of devices, addresses and transactions.
The company, which uses 350+ proprietary risk algorithms while monitoring 25k+ blockchain devices, offers seamless, scalable tools to comply with strict regulatory requirements for both CeFi and DeFi.
Founded in 2016, Coinfirm is headquartered in the UK and maintains offices in Poland, Canada, France and Japan. Over 300 entities have trusted the company to provide RegTech solutions.
For more information visit: www.coinfirm.com
