Tether moves to combat child abuse content marketplaces

Through its collaboration with INHOPE, Tether aims to increase visibility and reduce control over cryptocurrency payments used in child abuse content marketplaces.

Stablecoin operators are working with INHOPE, a global network to combat online child sexual abuse material (CSAM), to share information, collaborate with stakeholders, and keep bad actors out of the cryptocurrency ecosystem. force action against

The collaboration aims to develop standard practices for the cryptocurrency industry to identify and report on these underground markets, according to an announcement shared with Cointelegraph.

Tether’s chief technology officer, Paolo Ardoino, said the company is working with law enforcement agencies, financial intelligence agencies, legislators and standards-setting bodies around the world to establish “wise risk mitigation controls.” I was.

“We have a particular interest in improving the ability of cryptocurrency businesses to identify and report remittances associated with online CSAM marketplaces to authorities.”

Since 1999, INHOPE has operated a network of communication hotlines including all European Union Member States, Russia, South Africa, North America, South America, Asia, Australia and New Zealand.

The partnership is driven by a movement to stop the illegal use of cryptocurrencies to fund the exchange of child abuse materials.

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A statement from INHOPE’s Head of Global Partnerships, Samantha Wolfe, underscored the fact that these marketplaces utilize all available payment technologies, and further cooperation between private and public sector organisations. is required.

“Cryptocurrency exchanges, hotlines, and law enforcement agencies should explore more solutions to combat CSAM by sharing critical information and actionable intelligence more efficiently.”

Cryptocurrency trading has been flagged in the past for facilitating the trading of child abuse material. A 2020 Chainalysis report found that in 2019 he tracked a Bitcoin (BTC) payment worth approximately $930,000 to an address associated with a CSAM provider.

UNICEF called for increased regulatory oversight of the cryptocurrency market in early 2022 to combat the use of cryptocurrencies to facilitate the trade in child abuse material.