Tether is now joining forces with INHOPE to battle against child abuse content in Web3 marketplaces.
Tether, a leading stablecoin, Tether (USDT), operator, announced on January 26th, 2023, that it will be collaborating with INHOPE, a global network fighting against online child sexual abuse material (CSAM).
The collaboration endeavors to enhance the oversight and transparency of digital currency transactions utilized in online marketplaces that sell child exploitation material.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
How to Get Free Crypto? (Explained with Animations)
Further, both parties can identify and report these underground marketplaces.
According to the official announcement, Tether's CTO, Paolo Ardoino, stated that the company is working with law enforcement globally to establish "sensible risk-mitigating controls." He added:
We are especially interested in improving the ability of cryptocurrency businesses to identify transfers related to online CSAM marketplaces and report them to the authorities.
INHOPE, which has been operating since 1999, has a network of communication hotlines in various regions around the world, including all European Union member states, Russia, South Africa, North and South America, Asia, Australia and New Zealand.
Representatives from both Tether and INHOPE state that this partnership is driven by a desire to disrupt the illegal use of cryptocurrencies.
A statement from Samantha Woolfe, global partnerships head at INHOPE, highlights the fact that these marketplaces make use of every payment technology available. Inherently, this calls for more collaboration between private and public sector organizations.
Cryptocurrency exchange companies, hotlines and law enforcement need to seek more solutions to fight CSAM by sharing critical information and actionable intelligence with increased efficiency.
In other related news, Tether says that its decision to eliminate security loans shows the company's commitment to its customers.