WazirX being the most popular exchange for trading with cryptocurrency had closed around 14,500 user accounts during April to September,2021 in addition to having 100% compliance rate for law enforcements requests.
The very first Transparency Report was released on 11 October as the company had mentioned that our compliance rate for the law enforcement requests is 100% for around 377 requests. The company has locked 14,469 accounts uptill now since April 2021 to September 2021. Most of the activities are user driven which means that 90% of the customers had asked for closure of the account and 10% had been started by our legal team who were supposed to close the accounts cause of certain disputes or for certain investigations being going on for LEA (Law Enforcement Agencies) cases.
As per WazirX, the time between April and September, out of 377, 38 compliance requests were from the law enforcement agencies which are foreign.
According to the data received from the crypto exchange, they are having 8.5 Million user base uptill now with trading volumes of around $30Billion from January 2021. Further if the exchange is of doubt of having any false KYC (Know Your Customer) or even the base being used for illegal activities, then the user in such a case is being blacklisted and information is provided to the appropriate law enforcement agencies regarding the same.
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Nischal Shetty’s Say
According to CEO of WazirX (Nischal Shetty), the initiatives as Transparency Report is responsible for adding credibility to the ecosystem and also making the crypto world more attractive for the outsiders. The company is further interested in bigger goals as positive regulations and considering themselves as making a way by means of adoption of newer approaches.
Blockchain Papers
The latest launch of crypto base is its Policy Think Tank ( Blockchain Papers), that render research and analysis on various progress in decentralised blockchain ecosystem. To this, the director of Public Policy, Aritra Sarkhel had opinion that The Report and the Think Tank is their portion of efforts for creating more clarity and transparency for its users and also the policy makers in India who are moving around crypto for their tradings or investments.
WazirX as well known is the famous crypto exchange which is considered reliable for trading through such channel in Crypto. So if any dispute or investigation so happens regarding certain accounts then it’s the prime duty of such a huge crypto exchange to lock such accounts so that it remains the trusted exchange and also the users could also without any fear, continue trading on such a platform.
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