According to the Chainalysis press release, their solutions will allow any cryptocurrency business, organization, or individual to quickly check if an address is on the sanctions list. The oracle is already available on the Ethereum and eight EVM-compatible networks, including Polygon, Avalanche, and Optimism.
The API designed for web/mobile UI and web servers is expected to launch in April.
As countries around the world impose restrictive measures on Russia in response to the invasion of Ukraine, more experts voice concerns about the possibility of using cryptocurrencies for sanctions evasion.
Some crypto exchanges, including Coinbase and Binance, have already blocked the accounts of sanctioned Russian clients.