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WazirX Compliance Updates – July 2023

By August 4, 2023August 8th, 20232 minute read

Namaste Tribe!

We are pleased to share July’s compliance update with you, which indicates WazirX’s sustained efforts to maintain 100% compliance and security, ensuring we enable a trustworthy space for our valued customers. 

Last month, WazirX continued to maintain the highest standards of security to provide a safe and trustworthy trading environment. Towards this, we sustained the following initiatives

Last month, WazirX diligently utilized third-party forensic tools to closely monitor user identity details. We conducted comprehensive KYC verification processes to validate trading activities on our platform. While striving to facilitate seamless trading, we rigorously reviewed multiple KYC submissions that did not meet our stringent criteria. This measure is crucial in upholding a secure trading ecosystem by permitting only authorized users with valid identity documents to operate on our exchange.

Swift Response to Requests: We successfully addressed over 236 requests from users and external agencies. Notably, 203 of these requests originated from law enforcement agencies.  Underlining our commitment to assisting in legal matters, our team consistently demonstrated promptness to respond to the requests achieving an average Turnaround Time of 20-25 minutes. 

Proactive Scam Prevention: In our ongoing efforts to combat scams and potential fraudulent activities that may impact our users, we actively monitored and identified suspicious accounts on prominent social media platforms, including Facebook, Twitter, Instagram, Telegram, and YouTube. By closely monitoring URLs and online interactions, we preempted scams or fraudulent activities that were suspected to be impersonating official WazirX accounts. We further emphasized the importance of engaging solely with our verified channels across all platforms to safeguard our users’ interests.

We are grateful to you for being an integral part of the WazirX community. Your trust is invaluable, and we remain dedicated to continually enhancing our compliance and security measures. Our goal is to provide you with an unwaveringly trusted trading experience.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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