Crypto exchange WazirX receives 1,700 requests from Indian-foreign law enforcement agencies, maintains 100 pc compliance rate
Apr 23, 2024
Mumbai (Maharashtra) [India], April 23 : WazirX, India's leading cryptocurrency exchange by volume, has disclosed that it received 1,700 requests from both Indian and foreign law enforcement agencies during the period of October to March.
The company's 6th Transparency Report, released on Tuesday, highlights its 100 per cent compliance rate in responding to these requests.
The report revealed that WazirX managed to respond to all the requests within an average turnaround time of 22 minutes.
This data not only underscores the company's efficiency in dealing with law enforcement queries but also provides insights into its recent activities and commitment to compliance standards.
During this six-month period, WazirX witnessed a substantial surge in trading volume, marking a 217 per cent increase compared to the previous six months.
New user registrations also saw a significant rise, growing by 122 per cent. March 2024 recorded the highest trading volume, exceeding USD 400 million, while December 2023 saw the highest sign-up rates.
Moreover, WazirX expanded its offerings by adding 16 new tokens and 30 new trading pairs, catering to the growing demands of its users.
The company's dedicated customer support team addressed over 158,900 inquiries, demonstrating its commitment to customer satisfaction.
WazirX reiterated its focus on maintaining a secure trading platform for virtual digital assets (VDAs) while adhering to regulatory requirements.
The company actively collaborated with regulators and law enforcement agencies to shape a regulatory framework beneficial for the VDA ecosystem.
Rajagopal Menon, Vice President of WazirX, emphasized the company's commitment to safeguarding users and fostering innovation in India's VDA ecosystem.
He stated, "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 added, "Moving forward, we will continue to strengthen security protocols, engage with policymakers to develop a suitable regulatory framework, and promote crypto literacy."
Moving forward, WazirX plans to strengthen its security protocols further, engage with policymakers to develop a suitable regulatory framework and promote crypto literacy among users.
In addition to its compliance efforts, the company conducted training sessions for officials from the Joint Cyber Crime Coordination Teams (JCCT) Northeast, Assam Police, and I4C MHA to enhance their understanding of crypto security aspects.
