Indian cryptocurrency exchange WazirX, has revealed that from October to March, it received 1,700 inquiries from domestic and international law enforcement organizations.
Tuesday’s release of the company’s 6th Transparency Report showcases its flawless compliance rate when it comes to fulfilling these requests. According to the report, WazirX was able to reply to every request with an average response time of twenty-two minutes.
This information not only shows how well the business responds to requests from law enforcement, but it also sheds light on its most recent actions and dedication to following regulations.
WazirX’s trading volume surged 217% in 6 months, and new user registrations were up by 122%. With almost USD 400 million in trading volume, March 2024 set a record, while December 2023 witnessed the greatest sign-up rates.
WazirX expands the number of tokens offerings by 16, and trading pairs by 30. Over 158,900 inquiries were answered by the company’s committed customer service team, proving its dedication to client pleasure.
WazirX renews its commitment to regulatory compliance, prioritizing safety in virtual digital assets (VDAs) trading. Actively collaborates with law enforcement and regulators to create a regulatory framework that would benefit the VDA ecosystem.
Vice President of WazirX Rajagopal Menon underlined the organization’s dedication to user safety and innovation promotion in India’s VDA ecosystem.
He said, “At WazirX, we are committed to safeguarding users and fostering innovation in India’s VDA ecosystem. Our latest transparency report reflects this commitment. Through proactive engagement with regulators, law enforcement agencies, industry bodies, and stakeholders, we aim to establish positive regulations that unlock the transformative potential of blockchain and crypto technologies across sectors.”
He continues, “Moving forward, we will continue to strengthen security protocols, engage with policymakers to develop a suitable regulatory framework, and promote crypto literacy.”
In the future, WazirX intends to fortify its security measures even further, cooperate with legislators to create an appropriate legal environment, and encourage user crypto knowledge.
Apart from adhering to regulations, the organization trained representatives of the Joint Cyber Crime Coordination Teams (JCCT) Northeast, Assam Police, and I4C MHA to improve their comprehension of crypto security features. (ANI)
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