Chainalysis is Now Launching Sanctions Screening Tools for the Crypto industry Free of Charge
These sanctions screening tools will make it easy for developers of decentralized web3 protocols like DEXs, DeFi platforms, DAOs, and DApps, as well as anybody working with cryptocurrencies, to verify that they aren’t interacting with cryptocurrency addresses related to sanctioned entities.
They’re releasing two new tools for sanctions data: an API that will be available next month and an on-chain oracle that is now available.
Chainalysis Sanctions Screening Tools are now available for free
The company is developing technologies to make it easy for any organization to include cryptocurrency sanctions screening into their current processes, including:
- An API for web/mobile UI and web servers: Users will be given an API key that will allow them to verify whether or not an address is on the sanctions list. In April, the API is expected to be ready.
- An on-chain oracle for smart contracts: Users can use the Chainalysis oracle to check if an address is on a sanctions list from another smart contract. Most EVM chains, including Ethereum, Avalanche, BSC, Polygon, Optimism, Arbitrum, and Celo, use the Chainalysis oracle.
If an address is on OFAC’s Specially Designated Nationals (SDN) list, it is considered to be on the sanctions list. Any new crypto addresses found on an EVM chain that is included on economic or trade embargo lists will be added to these solutions.
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