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Nine blockchains to support Atomic AML Oracle by Coinfirm

Nine blockchains to support Atomic AML Oracle by Coinfirm

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Coinfirm, a leading provider of illicit asset tracing and crypto-AML compliance, announced that its Atomic AML Oracle is expanding to eight blockchains, further improving subscriber crypto-compliance, Coin Journal learned from a press release.

Response to updated FATF guidelines

According to the updated guidelines of the FATF (Financial Action Task Force), DeFi operators should be treated as virtual asset service providers. Coinfirm created the Atomic AML Oracle in response to this move.

More and more watchdogs around the world are looking to bring decentralized finance (DeFi) into compliance with anti-money laundering laws and continue to fight scams, fraud, terrorist financing and other illegal activities.

Among them are the US SEC and the CFTC. EY published the recommendations in MiCA (Markets in Crypto Assets). Such documents are expected to set the tone for DeFi regulation in the EU.

Wide digital reach

AML Oracle covers several new blockchains including Binance Smart Chain, Arbitrum, Avalanche, Fantom, Celo, Optimism and Polygon.

It will be implemented on RSK and Ethereum Classic blockchains in the near future, enhancing its already wide reach.

1000 blacklisted addresses and counting

A thousand addresses are already on the blacklist. These are addresses that have been flagged for terrorist financing, OFAC sanctions lists, arms dealers, drug dealers, and notable recent hacked wallets.

As OFAC sanctions lists and other global watchdogs add more and more addresses to the sanctions lists, the AML Oracle blacklist grows by 20 addresses per week. As a result, the operational capability of these malicious entities is constantly limited.

The freemium trial is now over

AML Oracle’s freemium experiment is over as user interest in it has become excessive since Oracle’s release on the Ethereum Mainnet in May of this year.

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