Compliance
Last updated
Last updated
Our primary goal at illumineX is to provide our users with a safe and compliant environment for cross-chain privacy. We are committed to safeguarding both our users, as well as the protocol itself, from fraudulent and illicit activities within the crypto space. All of this is made possible by our robust compliance framework.
Given the transparent nature of public blockchains like Bitcoin and Ethereum, crypto users are accustomed to all transactions being publicly visible on the network. While this kind of transparency comes with many benefits, there are some obvious disadvantages for the individual user. Whether you are sending money to a friend, paying for goods or services with crypto, or simply moving your assets between wallets, there are many situations where you don’t want your entire balance and transaction history to be visible. By using illumineX, anyone can shield their assets from public exposure, and break the public link between the source and destination address.
That being said privacy does not mean full anonymity. By default, the user’s transactions on illumineX are completely private, meaning neither the public nor the illumineX foundation can see the data related to the deposits/withdrawals or link the source and destination addresses together. However, it is technically possible for the illumineX foundation to request the transaction data on-chain if required to do so by law. We will never request transaction data for any transaction unless we are required by law to provide information to government and law enforcement agencies. Any request for transaction data done by us must be submitted on-chain, meaning the request itself will be publicly visible, giving our users full assurance that we are never misusing this mechanism.
illumineX protects itself from involvement in any activity that may facilitate money laundering or other illicit activities by employing a robust AML policy. We use a two-pronged approach to achieve optimal results.
Addresses listed on the OFAC sanctions list are restricted from depositing funds with illumineX. If a transaction is attempted from an OFAC-listed address, our AML system will automatically block the deposit and return the funds, as we do not have the capability to freeze them.
Second, we have a risk management system in place that utilizes on-chain analysis to actively monitor transactions for any suspicious activity. If a particular user or transaction is flagged as suspicious through our internal controls, we reserve the right to request additional information or block the associated wallets from using our web interface as we see fit in our sole discretion.
We are committed to being a legitimate and law-abiding DeFi protocol. To maintain this reputation, we strictly prohibit any individuals or business entities suspected of money laundering, fraudulent transactions, or other illegal activities from using illumineX.
By utilizing the Oasis Privacy Layer (OPL), and taking an innovative approach to fulfilling its compliance obligations, illumineX is the first decentralized protocol that can offer both private and compliant cross-chain transactions.
Any requests or inquiries by law enforcement authorities can be sent to us at: [email protected]
