New Delhi: Cryptocurrency change WazirX mentioned that it has locked round 14,500 person accounts throughout April 1 to September 30, 2021 together with a 100% compliance fee for regulation enforcement requests.
In its first ‘Transparency Report’ launched on October 11, the corporate acknowledged, “Our compliance rate for law enforcement requests has been 100% for over 377 requests. So far 14,469 accounts were locked by us from April 2021 to September 2021. 90% of these activities are user-driven (customer requested to close the account) and 10% are initiated by our legal team who had 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 interval, 38 compliance requests (out of 377) have been from the international regulation enforcement companies.
Currently, the crypto change mentioned it has a complete person base of 8.5 million with general buying and selling volumes of $30 billion since January 2021.
Whenever the change notices cases of false KYC (Know Your Customer) or its platform getting used for unlawful actions, the person is blacklisted and related regulation enforcement companies are knowledgeable, it additional acknowledged.
“Initiatives such as the transparency report add credibility to the ecosystem and make the crypto world look more appealing to the outsiders. We aim to look at the bigger goals like positive regulations and consider ourselves as paving the way to it through innovative approaches,” Nischal Shetty, CEO and founder, WazirX, mentioned.
The cyrpto dealing platform not too long ago launched its coverage assume tank, ‘Blockchain Papers’, which gives evaluation and analysis on the developments within the decentralised blockchain ecosystem.
Aritra Sarkhel, Director of Public Policy, WazirX, mentioned, “The report and the think tank is part of our efforts to bring more clarity and build transparency for our users and policy makers in India around everything crypto.”