Major cryptocurrency exchanges in the digital currency sector are collaborating with each other in a fight against human trafficking. The industry’s leading digital asset exchanges have joined the Anti-Human Trafficking Cryptocurrency Consortium (ATCC). These include the San Francisco-based cryptocurrency exchange Coinbase, the Bitcoin Peer-to-Peer (P2P) exchange Paxful, Winklevoss brothers-owned Gemini exchange, and the Hong Kong-based crypto exchange Bitfinex.
These leading digital currency exchanges have now become a part of this consortium shortly known as ATCC. Their task will be to monitor and track suspicious cryptocurrency transactions as well as detecting certain characteristics that are linked with human trafficking. The information and data provided by these exchanges will then be passed on to other members of the consortium such as law enforcement and intelligence companies. It will be helpful in combating illicit activities.
The Chief Compliance Officer (CCO) at the P2P Over-the-Counter (OTC) exchange Paxful Lana Schwartzman said that when it comes to tracking or monitoring cryptocurrency transactions digital currency exchanges can have an advantage in doing that because of the fact that cryptocurrencies are transparent in nature. She added:
“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.”
While commenting on joining the consortium, Coinbase’s Senior Director of Global Intelligence John Kothanek said that the cryptocurrency exchange shows support to this consortium. Kothanek claimed that the exchange is already “involved with other groups whose objectives are identifying illicit flows of criminal money from not only human trafficking, but also ransomware, fentanyl sales, and money laundering.”
The non-profit consortium Anti-Human Trafficking Cryptocurrency Consortium was launched by the Anti-Human Trafficking Intelligence Initiative in the month of April this year. It aims at combating Human trafficking as well as CSAM, Child Sexual Abuse Material. Its main task is to bring together law enforcement, blockchain intelligence companies, and cryptocurrency exchanges. Moreover, it focuses on best practices, intelligence sharing, and tools development that may help in fighting against human trafficking.