Saturday, February 4, 2023

Law Enforcement Agencies Issue 377 Requests To WazirX For Account Information

In the past six months, from April to September 2021, WazirX received 377 requests for information from law enforcement agencies. 

Recently, the company released its October Trasnperancy Report claiming that it has complied with all requests from the law enforcement agencies.

The company, in its report, specified, “All law enforcement queries appear to be related to criminal proceedings, such as fraud, kidnapping and narcotics-related queries.”

It further mentioned that since April 2021, the crypto exchange has suspended a total of 14,469 accounts on its platform.

One of the spokespeople said that 90 percent of the accounts blocked by the exchange were included in both law enforcement-related requests and others remaining P2P or other user disputes.

The company has released its report at a time when the country is working to frame its own crypto regulations.

In order to self-regulate itself, the crypto trading platforms like WazirX, have collaborated with advocacy groups like the Internet and Mobile Association of India’s (IAMAI) Blockchain and Crypto Assets Council (BACC) and IndiaTech.

While talking about the October Trasnperancy Report, Nischal Shetty, the CEO of WazirX, said, “Initiatives such as the transparency report add credibility to the ecosystem and make the crypto world look more appealing to outsiders. We aim to look at the bigger goals like positive regulations and consider ourselves paving the way to it through innovative approaches.”

In its latest report, the company has maintained its belief of not considering cryptocurrencies to be a replacement for fiat currencies. “Crypto is an asset class and a utility on decentralised networks,” it said in the October Transparency Report.

The report further specifies that cryptocurrencies need transparency, a mechanism to monitor illicit activities, investor protection and education of crypto in India.

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