Oasis.app, a decentralised finance platform that allows users to borrow, exchange and earn on their cryptocurrency assets, said that high sanctioned addresses will be blocked from the application in a community Discord post on Thursday.
Oasis announced that it has updated its terms of service, prohibiting all wallets flagged as high risk to use Oasis.app to manage positions or withdraw funds. Users of high risk wallets must interact directly with the relevant underlying protocol where funds are stored or find another service.
Oasis.app team member Gabriel explained the decision regarding wallets blocked by Oasis, stating that:
“We’ve recently needed to update the Terms of Service of the Oasis.app front-end to comply with the relevant laws and regulations. In line with the latest regulations, Oasis.app has an updated Terms of Service. Any sanctioned addresses will no longer be able to access Oasis.app functionality.”
It is unclear at this point what standard is being used by Oasis.app to determine whether wallets should be deemed high risk. Uniswap introduced a similar policy change recently, blocking wallets allegedly associated with illicit activities by using TRM Labs’ data.
TRM Labs is an on-chain analysis solution to detect, monitor and investigate fraud and financial crime in digital assets. Users who believe they have been wrongly affected may send an email to the support team.
The community reacted largely with animosity to wallets blocked by Oasis.
