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BitOK Expands AML Checks to New Blockchains

BitOK Expands AML Checks to New Blockchains

BitOK has added AML checks for several additional blockchain networks. This expansion will offer users a more comprehensive toolkit to validate the legitimacy of their crypto transactions.

The Significance of AML in Cryptocurrency

Cryptocurrencies have become an attractive option for investors and businesses. However, with their growth, concerns about illegal activities, money laundering, and regulatory compliance have also increased. AML checks are essential to verify the legitimacy of cryptocurrency transactions and assets, reducing the risks associated with illicit cryptocurrencies.

Expanding Supported Blockchains

In addition to the existing blockchain networks, such as Bitcoin, Ethereum, and TRON, BitOK introduces AML checks for the following blockchains:

  1. BNB Chain (BSC): BNB Chain, previously known as BNB Smart Chain is the blockchain network of the most popular cryptocurrency exchange, Binance. It is also known for its speed and low transaction costs.
  2. Polygon: Polygon is a well-known Layer 2 scaling solution for Ethereum. By providing a framework for creating interconnected blockchains (sidechains) that can execute smart contracts, Polygon significantly enhances the throughput and efficiency of the Ethereum network.
  3. Dogecoin: Dogecoin, the blockchain network of the meme-inspired cryptocurrency known for its Shiba Inu mascot.
  4. Avalanche: Avalanche is a Layer 1 blockchain that empowers developers to build unique, highly scalable blockchains and decentralized applications (dApps).
  5. Arbitrum: As a second-layer scaling solution for Ethereum. By processing transactions off the Ethereum mainnet, Arbitrum enhances the network's capacity, enabling quicker and more cost-effective smart contract execution.
  6. NEAR: NEAR Protocol, known for its developer-friendly environment, is another addition. The platform simplifies the development of decentralized applications (dApps) by offering user-friendly tools and scalable infrastructure.
  7. TON: TON, short for The Open Network, is an ambitious decentralized project that set a world record by processing 104,715 transactions per second.

Full List of Supported Blockchains for AML Checks

  • TRON
  • Ethereum
  • Bitcoin
  • Polygon
  • Avalanche
  • TON
  • NEAR Protocol
  • Dogecoin
  • Litecoin
  • Bitcoin Cash
  • Arbitrum One
  • Ethereum Classic
  • Ripple
  • Stellar
  • Bitcoin SV

The update is already available for users in their personal accounts.

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