Code launched ‘Protector’: Advanced System Detecting Blacklisted Wallet Addresses
Assisting in the assessment of risks associated with external wallet addresses for deposits and withdrawals
Code (CODE) announced on the 8th that they have launched ‘Protector,’ a system for detecting blacklisted wallet addresses to assess the risk levels of external wallet addresses used for cryptocurrency deposits and withdrawals.
Through the innovative ‘Protector’ system, member companies of Code can now make informed decisions regarding the safety of external wallet addresses. By categorizing them as normal (white), cautionary (gray), or risky (black), appropriate measures can be applied to ensure the integrity of transactions during deposits and withdrawals.
In addition to facilitating risk assessment, ‘Protector’ seamlessly integrates with Code’s Travel Rule compliance management system, empowering member companies to holistically manage their cryptocurrency operations. With this comprehensive solution, Code member companies can maintain regulatory compliance while effectively mitigating the risks associated with wallet addresses used for transactions.
CEO Lee Sung-mi expressed her enthusiasm for the newly introduced blacklisted wallet address detection system, stating, “Our primary objective is to foster an environment where member companies can effortlessly adhere to regulations, thereby allowing them to focus on their core business operations securely.” She further emphasized Code’s commitment to continually expand the range of services available to its esteemed member companies.
Developed in collaboration with Upsala Security, a renowned provider of anti-money laundering solutions, ‘Protector’ represents a significant milestone in the ongoing efforts to safeguard the cryptocurrency ecosystem from illicit activities. By combining the expertise of both Code and Upsala Security, this revolutionary system is set to become a cornerstone in the fight against financial crimes within the digital asset landscape.
With ‘Protector,’ Code reaffirms its position as an industry pioneer, driving innovation and providing comprehensive solutions for the evolving needs of the cryptocurrency community.
