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Paxful Cryptocurrency Platform Support Fight Against Human Trafficking
CONTENT

  • Paxful sponsors anti-trafficking events

  • The site will identify and block suspicious transactions

  • Cryptocurrencies are hardly ever used to finance criminal activities

International consortium of news organizations developing transparency standards.

One of the largest peer-to-peer cryptocurrency exchanges in the world, Paxful has announced a partnership with the Cryptocurrency Consortium (ATCC). The company will support the Consortium’s anti-trafficking initiative.

Cryptocurrency against crime

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Paxful, one of the largest P2P cryptocurrency trading platforms, has announced a partnership with the Cryptocurrency Consortium. The platform will sponsor a range of anti-trafficking events around the world.

“It’s no secret that criminals often use the so-called anonymity of bitcoins, but in reality there is no anonymity. Bitcoin transactions are fully tracked, but whether law enforcement can catch intruders depends on technology and the willingness of different structures to work together. This is a global cryptocurrency market, and it is our responsibility to help organizations like the ATCC fight attackers who are trying to use bitcoins to fund illegal activities. Paxful is not only compliant and transparent in its transactions, but is also actively involved in reducing the funding of illegal cryptocurrency transactions, ”said Lana Schwartzman, Chief Compliance Officer, Paxful.

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According to experts from the World Economic Forum (WEF), human trafficking and forced labor are among the most important problems of humanity. Today around the world about 21 million people are in slavery, where they were sold by criminal gangs. The total amount of funds received from human trafficking exceeds $ 150 billion a year. To hide criminal activity and remain unidentified, scammers use cryptocurrencies and transaction mixers, which allows them to remain anonymous for a long time..

“ATCC is honored to partner with firms like Paxful who are engaging in dialogue, sharing information with the crypto community, regulators and law enforcement. Paxful will be an important partner in building a united front against human trafficking. We will see real impact in the rehabilitation of victims and the prosecution of traffickers. ”- Aaron Kahler, ATCC Founder and President.

Banks are involved in money laundering

Cryptocurrencies can indeed be used by criminals to finance drug and human trafficking. This is the conclusion reached by the analysts of the company resource Chainalysis.

“There are 585,000 BTC currently circulating on the black markets, scammers own 99,000 BTC, stolen funds amount to another 205,000 BTC, and everyone else holds an additional 3,000 BTC – 892,000 BTC in total,” Chainalysis said in a statement..

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However, according to Chainalysis, only 0.32% of all existing bitcoins are used in the shadow business. Cryptocurrencies are no longer completely anonymous means of payment, so the sender and recipient of a transaction can be easily identified using various analytical services..

For example, law enforcement officers from the Dutch National Police (Politie), Europol, Eurojust and various US government agencies, led by the German Federal Criminal Police (Bundeskriminalamt), conducted a large-scale operation DisrupTor. The main goal is to identify drug traffickers who operate in the darknet space, and to block the channels of drug transmission, both within the country and abroad..

As a result, 179 suppliers were arrested in Europe and the United States, who were selling prohibited goods to tens of thousands of people. More than $ 6.5 million were seized in both cash and virtual currency, as well as about 500 kilograms of drugs..

Also, according to FinCEN, it is the banks that are involved in money laundering. Between 2000 and 2017, more than $ 2 trillion was laundered through central and largest private banks. Among them are such financial organizations as HSBC, the Central Bank of the UAE and others.

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