NEW YORK, November 18, 2020 (Newswire.com) - Paxful, one of the largest peer-to-peer cryptocurrency marketplaces in the world, announced today it is partnering with the Anti-Human Trafficking Intelligence Initiative's Cryptocurrency Consortium (ATCC) to combat and raise awareness around human trafficking. The company is ATCC's first silver sponsor to help fight against human trafficking.
Human trafficking is one of the most pressing issues in the world, but the scale of it is often overlooked. An estimated 40.3 million people are trapped in this modern-day slavery, which brings criminals a jaw-dropping $150 billion annually, a report reveals. Bitcoin takes a share in this astonishing and alarming number, as criminals often resort to digital money to cover their traces.
"It's no secret that criminals often take advantage of perceived Bitcoin anonymity, but it's actually not that anonymous at all. Bitcoin transactions are fully traceable, but whether law enforcement is able to catch bad actors depends on the technology and cooperation of parties involved. As a global cryptocurrency marketplace, it is our responsibility to help organizations like ATCC fight bad actors looking to use Bitcoin to fund illicit activities. Paxful is not only compliant and transparent about its transactions, but is also actively participating in reducing the financing of illegal affairs with cryptocurrencies," said Lana Schwartzman, Chief Compliance Officer at Paxful.
As a benefit of corporate sponsorship, Paxful partakes in industry-leading conversations, collaboration, and data exchange to help develop red flags and best practices as part of the ATCC.
The pandemic has also contributed to the numbers of sufferers, as the traffickers took advantage of the COVID-19 crisis, offering hopeful migrants false promises of a better life abroad. Out of those millions of victims, nearly 50% are women and over 30% are children, the United Nations confirms. This is a matter that Paxful cannot stay quiet on: "we must continue working with ATII moving forward as we join in the fight against modern slavery. Paxful is proud to partner in advancing ATII's vision of disrupting the operations, economics, and anonymity of human trafficking at the source by intervening in criminal access to financial markets," adds Schwartzman.
Aaron Kahler, ATII founder and president commented, "The ATCC is honored to partner with firms like Paxful that are fostering dialogue, sharing information and reporting activity to combat human trafficking through their relationships with the cryptocurrency community, regulatory- and law enforcement. Paxful will be an instrumental partner in the creation of a uniform front within the financial sector to fight human trafficking, we will see a true impact in the recovery of victims and prosecution of traffickers."
The sponsorship reinforces Paxful's reputation as a company with social good and corporate responsibility focus and will help build a united front against human trafficking and exploitation.