Chainalysis Launches Screening Tools Designed to Prevent Sanctions Evasion
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....
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Blockchain-data analytics company Chainalysis has announced an accelerated launch of two sanctions screening tools, an on-chain oracle, and an API, to help provide greater regulatory oversight to exchanges and DeFi projects. Blockchain-data analysis firm Chainalysis has announced the fast-tracked launch of two primary ‘sanctions screening’ tools that it will provide free of charge to the cryptocurrency industry. According to the report provided by Chainalysis on March 10, the screening tools include two main components of new tracking software that will assist exchanges in screening....
As the Russia-Ukraine conflict continues, blockchain surveillance companies have discussed and implemented ways to combat sanctioned countries from using digital assets. Last week, Chainalysis revealed screening tools for crypto firms that aim to comply with international sanctions. On Monday, the CEO of Elliptic published a blog post describing the company’s work to combat sanction evasion. Elliptic CEO Speaks on the Company’s ‘Work to Combat Sanction Evasions in Crypto’ This week, Simone Maini, the chief executive officer of the blockchain surveillance firm....
Highlighting the possibility in traditional finance structures to evade compliance with economic sanctions, well-known crypto exchange Coinbase purposed to use cryptocurrencies to prevent laundering and sanction evasion that becomes possible using fiat currency. The Ukraine-Russia conflict has caused global authorities to impose economic sanctions which also encircles cryptocurrency exchanges. While some platforms refused to comply […]
The Financial Crimes Enforcement Network (FinCEN) has issued an advisory on Russian efforts to evade sanctions that includes a number of crypto-related red flags. However, the bureau admitted that it has not seen “widespread evasion” of its sanctions using cryptocurrency.
FinCEN Warns About Sanctions Evasion
The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, issued an advisory Monday providing regulated financial institutions with “red flags on potential Russian sanctions evasion attempts.”
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The Central Bank of Russia has turned down a proposal to allow the use of digital currencies for the purpose of sanctions evasion. The monetary authority believes this is hardly an option as Western regulators are already taking steps to prevent such transactions. Employing Bitcoin to Evade Sanctions Not Possible, Central Bank of Russia Says Bank of Russia considers it impossible to use cryptocurrencies to circumvent financial restrictions imposed over the military conflict in Ukraine. That’s according to a statement by the central bank’s First Deputy Governor Ksenia....