Human Trafficking and Cryptocurrency Exchanges against it

Human Trafficking and Cryptocurrency Exchanges against it

Leading exchanges trace suspicious crypto transactions to combat human trafficking. Cryptocurrency exchanges BitFinex, Gemini, Paxful, and Coinbase all joined the ATCC or Anti-Human Trafficking Cryptocurrency Consortium. Anti-Human Trafficking Intelligence Initiative launched the consortium in April 2020. The consortium is nonprofit focused on intelligence and best practices sharing, and the development of tools to fight to traffic. The Anti-Human Trafficking Cryptocurrency Consortium brings together law enforcement, crypto exchanges, and blockchain intelligence firms to combat child sexual abuse material and human trafficking.

Aaron Kahler is found and chair of the Anti-Human Trafficking Intelligence Initiative. He told Cointelegraph that information-sharing within the cryptocurrency space is critical to building awareness for anti-human trafficking corporate social responsibility. Kahler said that they position organizations to play an active role in the reporting, prevention, and detection of child exploitation and human trafficking. The ATCC and the Anti-Human Trafficking Intelligence Initiative develop comprehensive programs, tools, data, and training catered to combat the issue.

The four exchanges that are members of the consortium will monitor crypto transactions. Thus,  It will be to detect characteristics associated with human trafficking. Then, the information will be shared among all members of ATCC, including law enforcement officials, intelligence firms, and advisory members to help combat illicit activities. Lana Schwartzman is the chief compliance officer at Paxful.

Thus, She told Cointelegraph that she works on a keyword initiative for Paxful. It includes specific terms associated with child exploitation and human trafficking.

Human Trafficking

Schwartzman believes that it will make more of a dent with the participation of the consortium. Narrative keywords are applying everywhere. So, it does not matter if they come from a regular crypto exchange or a peer-to-peer exchange. Furthermore, All systems must monitor keywords, and they are industry-wide. Traditional financial institutions are also participating in anti-trafficking programs. Schwartzman said that Paxful and the other exchanges have a unique advantage. It is when it comes to monitoring transactions because of the transparency associated with cryptocurrency.

Moreover, Shwartzman added that you do not have that in traditional fiat. She hopes that any potential bad actor will get the point that you cannot use crypto for human trafficking or other illicit activities. It does not matter how technologically proficient bad actors may be. Determined and motivated people in the private industry and law enforcement will find them.

On October 15, the Financial Crimes Enforcement Network issued an advisory concerning human trafficking. It stated that human traffickers are using convertible virtual currency to hide illicit proceeds.

All in all, That is the situation about crypto and human trafficking.

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