One of the largest crypto exchanges in India, WazirX has banned more than 2,431 suspicious accounts from October 2022 to March 2023 to comply with Law Enforcement Agencies (LEA) in India.
The crypto exchange published the fourth edition of its Transparency Report, claiming a 100% compliance rate.
WazirX took help from third-party platforms to trace suspicious activities and shared the information with the Financial Investigation Unit (FIU-IND).
Rajagopal Menon, Vice President, WazirX said “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. We also kept up our ongoing efforts of collaborating with Law Enforcement Agencies to make Crypto free of any fraudulent activities and usher in an environment of trust,” he further added.
Over the six months, 432 requests were raised from Law Enforcement Agencies (LEA), out of 46 46 requests were from Foreign LEAs and 385 requests from Indian LEAs.
In order to enhance user experience, WazirX made some improvements on the platform, including Increased ticket handling adeptness, activated bots to manage automatically straightforward deposit tickets, transitioning from Voice Support to Chat Support for a proactive resolution process, and others.
WazirX publishes its Proof of Reserves report to bring better transparency and gain users’ trust. By publicising data like wallet addresses, a list of exchanges, and an independent Proof of Reserves report, WazirX assures users about their funds’ safety.
WazirX has also joined power with TRM Labs and Chainalysis to “sustain and scale up its efforts of security”.
After the fall of major crypto firms, many crypto exchanges are striving to bring more transparency to its platform by publicising reports about reserve holdings and developments. Recently, another crypto exchange OKX also published its fifth Monthly PoR report that revealed its $8.9 billion reserve held in various digital currencies in BTC, ETH, and USDT.
