March 12, 2022 / News

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The analytics firm Chainalysis has developed two tools to check whether a digital currency package is on the sanctions list.

We are pleased to announce the launch of two sanction screening tools – a free API and an on-chain prophecy machine

These lightweight tools will help DEX, #DeFi, #DAO and DApp developers comply with the sanctions policy. https://t.co/8kCIOT7DnY

Chainalysis noted that cryptocurrencies have become a powerful tool for collecting donations to Ukraine, but that Russia and its citizens can also use them to evade sanctions.

The company notes that the above tools are free and designed primarily for DEX, the DeFi platform, DAO and dApp.

Chainalysis provides blockchain tracking tools for government agencies and law enforcement, and helps cryptocurrency companies such as exchanges identify high-risk wallets.

In particular, cryptocurrency exchanges have been closely monitored as they continue to operate in Russia, despite the fact that financial institutions are prohibited from working only with certain financial institutions and specially designated citizens of the country.