Advertisement

Coinbase & Gemini Crypto exchanges team up to help battle anti-human trafficking activity

Coinbase & Gemini Crypto exchanges team up to help battle anti-human trafficking activity

Quick take

1.5 minute read

  • Earlier this month, some of the biggest crypto platforms from all over the world teamed up and joined the anti-human trafficking cryptocurrency consortium (ATCC).
  • The body was launched earlier this year in April by the anti-human trafficking intelligence initiative as a non-profit organisation focused on intelligence sharing and best practices in order to fight trafficking of this nature.

Earlier this month, some of the biggest crypto platforms from all over the world including Coinbase, Paxful, Gemini and BitFinex teamed up and joined the anti-human trafficking cryptocurrency consortium (ATCC).

The body was launched earlier this year in April by the anti-human trafficking intelligence initiative as a non-profit organisation focused on intelligence sharing and best practices in order to fight trafficking of this nature. The collaboration between these exchanges and other blockchain companies will help combat human trafficking, material on child abuse and other things of the same nature.

The Chairman and founder of the anti-human trafficking intelligence initiative, Aaron Kahler has said that the cryptocurrency space is vital to building awareness for anti-human trafficking and by information sharing, this will do some good for many people all around the world.

He added:

“We are positioning organizations to play an active role in the prevention, detection and reporting of human trafficking and child exploitation. The Anti-Human Trafficking Intelligence Initiative and the ATCC are developing comprehensive programs, training, data and tools catered to combatting the issue.”

Specifically, these platforms will look over crypto transactions in order to detect any characteristics that are associated with human trafficking. By noticing anything out of the ordinary, this information will be shared among all members of the ATCC as well as law in force meant officials to help combat these illicit activities.

Speaking to CT, chief compliance officer at Paxful, Lana Schwartzman said that she is personally working on a keyword that would include specific terms associated with illicit activities such as human trafficking and malicious child material.

She added:

“I believe this will make more of a dent with the participation of the consortium. Narrative keywords apply everywhere — it doesn’t matter if they come from a peer-to-peer exchange or a regular crypto exchange. Keywords are industry wide and should be monitored across all systems.”

This initiative is good for numerous reasons. Stopping illicit activity on this level is so important in today’s world. By being able to stop harmful activity such as this in its track before it goes too far is vital.



For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

You can share this post!

Advertisement