Coinfirm, a provider of cryptocurrency solutions for Anti-Money-Laundering (AML) compliance and tracking of illicit assets, has announced that it has added support for eight more blockchains to its Atomic AML Oracle. Abitrum, Avalanche, BNB Smart Chain (BSC), Celo, Fantom, Optimism, and Polygon are the newest blockchains to get support from the AML Oracle. With the addition of Ethereum Classic and RSK in the pipeline, the Atomic AML Oracle will have an even broader reach.
Cryptocurrencies, AML and Coinfirm’s position
More and more governments are looking to bring DeFi transactions inside their anti-money laundering purviews. This is crucial in the modern era of the crypto economy in order to maintain the fight against money laundering, fraud, and other criminal activities. The CFTC and the SEC in the USA are two of the bodies leading the crypto AML war along with the FATF. In addition, the tone for DeFi legislation in the EU will be in agreements like MiCA (Markets in Crypto Assets) by the European Commission.
After the FATF (Financial Action Task Force) announced their guidelines in October 2021, DeFi operators are now considered VASPs (Virtual Asset Service Providers). Coinfirm has streamlined and expanded its capabilities for meeting the rigorous CeFi and DeFi regulatory standards. Since the Oracle’s debut on Ethereum in May of 2022, there has been a rise in user interest in the platform. But the Oracle’s free trial period has come to an end.
The service now blacklists over a thousand addresses on each blockchain it supports. These include addresses of people on OFAC sanctions lists, those who have been involved in financing terrorism, people who deal in illegal drugs or weapons, and the owners of the most recent significant hacker wallets. Coinfirm, which was established in 2016, employs more than 350 unique risk algorithms to track over 25,000 blockchain entities.