Saturday, February 4, 2023

WazirX Ties Up With TRM Labs To Detect Crypto Fraud

WazirX, the largest crypto exchange in India, has recently, collaborated with a blockchain intelligence firm TRM Labs to upgrade its capabilities of detecting crypto frauds on the platform. 

While announcing its partnership with TRM Labs, WazirX mentioned that the blockchain intelligence firm offers crypto compliance and risk management services, including tools for wallet screening, transaction monitoring and investigation, to its clients. 

The exchange further stated that this partnership will help WazirX in monitoring, investigating and mitigating crypto frauds and financial crimes on the platform.

Nischal Shetty, the founder of WazirX, talked about his company’s partnership with the blockchain intelligence firm and said, “Ensuring that our operations are secure and compliant with global regulatory requirements is critical to our success; at the same time, we want to meet our customers’ expectations for fast, seamless transactions.” He further stated, “TRM’s platform helps us (WazirX) achieve this balance with an AML (anti-money laundering) solution that’s easy for large compliance teams to use, but also underpinned by best-in-class blockchain analytics.”

As per the report, TRM has the ability to monitor over 300,000 digital assets at a time.

The CEO of TRM Labs Esteban Castano recently said that WazirX has realized that if a company is backed by the right risk management tool then it would help the others in the growth. 

The blockchain intelligence firm has designed a next-generation platform for its customers so that they could easily meet their consumer demands and while doing so, the platform could not only comply with the regulation but also manage the risk involved with the digital assets.

According to WazirX, its partnership with TRM Labs will help the exchange in building confidence among the Indian authorities regarding cryptocurrencies. 

The Indian regulatory body does not trust cryptocurrency and has expressed its concern regarding how digital assets could be used in facilitating illegal activities in the country. However, the exchange believes that with help of TRM Labs, WazirX would be able to monitor all the activities on the platform and detect the illicit activities occurring on the exchange.

For the past few months, the Indian crypto industry has been under immense pressure from regulators. 

A report published on June 11, stated that WazirX and its founder received a show-cause order from the Enforcement Directorate for violating FEMA, 1999. 

Later, on June 18, the Narcotics Control Bureau (NCB) Mumbai asked for the details of an alleged drug dealer, from the exchange. According to the NCB, the alleged drug dealer used the WazirX platform to deal in contraband.

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