Indian Crypto exchange WazirX said that it has locked around 14,500 user accounts from April 1 to September 30, 2021, together with a 100% compliance rate for law enforcement requests.
In its first ‘Transparency Report’ released on October 11, the corporate stated, “Our compliance rate for law enforcement requests has been 100% for over 377 requests. So far 14,469 accounts had been locked by us from April 2021 to September 2021. 90% of those actions are user-driven (customer requested to close the account) and 10% are initiated by our authorized staff who needed to lock the concerned accounts due to payment disputes or ongoing investigation for LEA (law enforcement agencies) cases.”
WazirX additionally talked about that between the April and September period, 38 compliance requests (out of 377) were from the international law enforcement agencies.
At the moment, the crypto exchange said it has a complete user base of 8.5 million with total trading volumes of $30 billion since January 2021. Indian Crypto trading platform said that it has locked around 14,500 user accounts from April 1 to September 30, 2021, together with a 100% compliance rate for law enforcement requests.
Every time the exchange notices situations of false KYC (Know Your Customer) or its platform being used for illegal activities, the person is blacklisted and related law enforcement agencies are informed, it additional stated.
“Initiatives such as the transparency report add credibility to the ecosystem and make the crypto world look more appealing to the outsiders. We purpose to look at the larger goals like optimistic regulations and consider ourselves as paving the best way to it via innovative approaches,” Nischal Shetty, CEO and founder, WazirX, mentioned.
The crypto dealing platform recently launched its policy think tank, ‘Blockchain Papers’, which gives evaluation and analysis on the developments within the decentralized blockchain ecosystem.
Aritra Sarkhel, Director of Public Policy, WazirX, mentioned, “The report and the assume tank is part of our efforts to carry more clarity and build transparency for our customers and policymakers in India around everything crypto.”