WazirX Bans 2,431 Accounts Between October 2022 and March 2023

• WazirX announced that the company has banned 2,431 accounts.
• The exclusion of the accounts was under the direction of the LEA and as a part of the company’s internal monitoring.
• WazirX stated that it received 431 requests from LEA over the same period.

WazirX, the leading cryptocurrency exchange in the Indian crypto market, announced on Tuesday, in its Transparency Report, that the company has banned 2,431 accounts over the last 5 months. According to the report, the exclusion of the accounts has been executed under the direction of the Law Enforcement Agencies (LEA) and as a part of the company’s internal transaction monitoring process. 

Notably, in the report, the company wrote that WazirX has been scrutinizing the accounts “with suspicious activities”, adding:

WazirX also proactively identified accounts with suspicious activities with the help of third-party platforms and shared the information with the Financial Investigation Unit (FIU-IND). The average turnaround time to respond to requests was 25 mins for the first cut response.

In addition, the report claimed that the company received almost 431 requests from LEAs, out of which 46 were foreign while 385 were Indian, related to blocking, criminal proceedings, and investigation, as these accounts were under suspicion.  It was during the period between October 2022 to March 2023 that WazirX received the requests “against a total transaction volume of $390 million.”

Significantly, Rajagopal Menon, the company’s Vice President explained the agenda of the transparency report, quoting:

The transparency report is a testament to our commitment to enabling a secure and reliable Crypto ecosystem for our users. We focussed our efforts on making our platform more user-friendly and provided robust customer service for our users to connect with for any concerns.

The Vice President added that the efforts of collaborating with the LEA are rooted in the company’s vision to “make crypto free of any fraudulent activities and usher in an environment of trust.”

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