Child sexual abuse and human trafficking have been a growing problem worldwide, where many governments are working together to curb these grave crimes.
Many of the crime parties often depend on illegal means of transactions to keep their network running. Money Laundering is a key way for human traffickers to move money, which also involves using digital currencies.
Top crypto exchanges, including Coinbase, Gemini, Paxful, and Bitfinex, have contributed to putting a curb on human trafficking. All four exchanges have joined the newly launched Anti-Human Trafficking Cryptocurrency Consortium (ATCC).
ATCC is a not for profit organization focused on sharing intelligence inputs and the development of various tools that would help in the fight against human trafficking. The consortium consists of crypto exchanges and blockchain intelligence firms, who work with law enforcement to fight these crimes.
Crypto exchanges would help law enforcement in monitoring suspicious transactions and their origin and destination. This information would allow law enforcement to take the initiative and action against the perpetrators of the crime.
Aaron Kahler, chair and founder of the Anti-Human Trafficking Intelligence Initiative, commented on the roles of different members of the ATCC and said,
"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.”
Crypto Exchanges Developing Tools To Monitor Suspicious Transactions Associated With Human Trafficking
Paxful, one of the four leading peer-to-peer crypto exchanges involved is developing tools and training for specific keywords, which are often associated with transactions involving human trafficking.
Lana Schwartzman, chief compliance officer at Paxful, who is personally working on the keyword initiative, commented on their association with the ATCC and its impact on fighting against child sexual exploitation and human trafficking. She said.
“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."
“You don’t have this in traditional fiat. I hope that any potential bad actor gets the point that you cannot use crypto for human trafficking and other illicit activities.
We know who you are, we see your transactions, and we will report you to authorities.”
