New Delhi: Cryptocurrency exchange WazirX says it has closed around 14,500 user accounts between April 1 and September 30, 2021 and is 100% compliant with law enforcement requirements.
In its first transparency report, released on October 11, the company said, “With more than 377 inquiries, the compliance rate is 100%. So far, 14,469 accounts have been blocked from April 2021 to September 2021. 90% of this activity is user driven (customers request to close accounts) and 10% is payment disputes or LEA (law enforcement). ) Started by the legal team who had to close the account in question to continue the investigation of the case. ”
WazirX also said there were 38 compliance requests (out of 377) from foreign law enforcement agencies between April and September.
Currently, the cryptocurrency exchange states that it has a total trading volume of $30 billion as of January 2021 and a total consumer base of $8.5 million.
If it is discovered on the exchange that fake KYC (Know your customer) or its platform is being used for illegal activities, the user will be blacklisted and notified to the relevant law enforcement agencies.
“Initiatives such as transparency reports create trust in the ecosystem and make the cryptocurrency world more attractive to outsiders. We regard the bigger goals as positive regulations and believe that we will pave the way for them through innovative approaches,” said Nishal. Shetty, CEO and Founder of WazirX, said.
The crypto trading platform recently launched Blockchain Papers, a political think tank that offers analysis and research on the development of a decentralized blockchain ecosystem.
“The reports and think tanks are part of an effort to make all cryptocurrencies clearer and more transparent for Indian consumers and politicians,” said Aritra Sarhel, director of public policy at WazirX. requested.