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Tether is now joining forces with INHOPE to fight against child abuse content in the Web3 marketplace.
Tether, the leading stablecoin, Mooring (USDT)operator, announced in January 26, 2023, that it will collaborate with INHOPE, the global network combating online child sexual abuse material (CSAM).
Collaboration seeks to improve oversight and transparency of digital currency transactions used in online marketplaces selling child exploitation material.
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Furthermore, both parties can recognize and report this underground market.
According to the official announcement, Tether’s CTO, Paolo Ardoino, stated that the company is cooperate with law enforcement globally to establish “reasonable risk mitigation controls.” He added:
We are particularly interested in enhancing the ability of cryptocurrency businesses to identify transfers related to the online CSAM market and report them to regulatory authorities.
INHOPE, which has been operating since 1999, has a network communication hotlines in various regions around the worldincluding all EU member states, Russia, South Africa, North and South America, Asia, Australia and New Zealand.
Representatives from Tether and INHOPE stated that this partnership was driven by the desire to do so interfere with the illegal use of cryptocurrencies.
The statement from Samantha Woolfe, head of global partnerships at INHOPE, highlights that fact this marketplace leverages every available payment technology. Inherently, this requires more collaboration between private and public sector organizations.
Cryptocurrency exchange companies, hotlines and law enforcement need to find more solutions counter CSAM by sharing vital information and actionable intelligence with increased efficiency.
In other related news, Tether said that its decision to eliminate collateral loans demonstrates the company’s commitment to its customers.
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