WazirX, the major cryptocurrency exchange in the Indian crypto market, has recently announced its Transparency Report, revealing that the company has taken action against 2,431 accounts in the past five months. These accounts were excluded in compliance with the directives of Law Enforcement Agencies (LEA) and as part of the company’s internal transaction monitoring process. This move demonstrates WazirX’s commitment to maintaining a secure and trustworthy platform for its users.
The report highlights that WazirX has been diligently examining accounts exhibiting questionable behavior. The company has been conducting thorough investigations to identify any suspicious activity.
WazirX also proactively identified accounts with suspicious activities with the help of third-party platforms and shared the information with the Financial Investigation Unit (FIU-IND). The average turnaround time to respond to requests was 25 mins for the first cut response.
Furthermore, the report asserts that WazirX received a staggering 431 requests from law enforcement agencies (LEAs), with 46 originating from foreign entities and 385 from Indian authorities. These requests pertained to blocking accounts, criminal proceedings, and investigations as they were deemed suspicious. The timeframe in question spanned from October 2022 to March 2023, during which WazirX processed transactions totaling $390 million.
Rajagopal Menon, the esteemed Vice President of our company, has eloquently elucidated the purpose behind our transparency report. In his own words, “It is imperative that the tone of this report exudes professionalism and integrity.”
The transparency report is a testament to our commitment to enabling a secure and reliable Crypto ecosystem for our users. We focussed our efforts on making our platform more user-friendly and provided robust customer service for our users to connect with for any concerns.
The Vice President emphasized that the company’s partnership with the LEA is driven by its unwavering commitment to ensuring the integrity of the crypto industry. The company aims to cultivate a culture of trust and transparency within the crypto community by eradicating fraudulent activities.
