Tether, the stablecoin operator, is partnering with INHOPE, a global network combating online child sexual abuse material (CSAM), to increase visibility and mitigate controls on crypto payments used in child abuse content marketplaces.
The two organizations will work together to share information, collaborate with stakeholders, and enforce actions against bad actors in the cryptocurrency ecosystem.
The collaboration intends to develop a standard practice for the cryptocurrency industry to identify and report these underground marketplaces.
According to Tether’s chief technology officer, Paolo Ardoino, the company is working alongside law enforcement, financial intelligence units, lawmakers, and standard-setting bodies globally to establish “sensible risk-mitigating controls.”
Additionally, INHOPE has had a network of communication hotlines operating since 1999, including all European Union member states, Russia, South Africa, North and South America, Asia, Australia, and New Zealand.
The partnership is driven by a push to disrupt the illegal use of cryptocurrencies to fund the exchange of child abuse material.
Samantha Woolfe, global partnerships head at INHOPE, emphasizes the need for collaboration between private and public sector organizations to find solutions to fight CSAM by sharing critical information and actionable intelligence with increased efficiency.