- WazirX maintained its record of 100% compliance with Law Enforcement Agencies in India.
- The exchange also released its Proof of Reserves to provide a record of consumer funds and liquidity.
March 21, 2023: In its continued effort to provide transparency to users and safeguard their assets, WazirX has launched the fourth edition of its Transparency Report. The developments covered in the report occurred between October 2022 and March 2023.
The exchange maintained its record of a 100% compliance rate for all requests received from Law Enforcement Agencies (LEA). 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.
“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. We also kept up our ongoing efforts of collaborating with Law Enforcement Agencies to make Crypto free of any fraudulent activities and usher in an environment of trust.” said Rajagopal Menon, Vice President, WazirX
During this period, WazirX focussed heavily on customer feedback and updating and introducing features based on the same.
Because of this, WazirX implemented the following during the period October 2022 to March 2023:
- Increased ticket handling adeptness.
- Enabled bots to handle straightforward deposit tickets (i.e., in an automated fashion), to increase efﬁciency.
- Transitioning from Voice Support to Chat Support for a proactive resolution process
- Increased the processing speed of Standard Deposit Refunds.
- Launched ‘Price Suggestion’ feature for users based on order book instead of trade history in spot and P2P markets.
- WazirX now supports D/W via the BSC chain. Currently, 20+ tokens have BSC support; more will be enabled.
- All operations related to sub-accounts can now be managed via SAPIs.
- Users were able to deposit INR to WazirX through the INR deposit feature, which was resumed.
- Launched the ‘Nominee feature’, which enables users to add their loved ones as nominee.
Some of the Indian and Foreign Law Enforcement Agencies that WazirX has worked with during this period are the National Investigation Agency (NIA), Enforcement Directorate, State Cyber Crime Cells, Odisha Vigilance Department, Special Task Force, Bhopal Police, WB Police, Maharashtra Police, Crime Branch, Toronto Police Department, Police Department Dortmund, New York County District Attorney, Burlington Police, California Police Department, Florida Police, etc.
WazirX conducted a training session on blockchain and virtual digital assets for Odisha Vigilance Dept. Officers at State Vigilance Academy, Bhubaneswar in January. Due to the new features and technology updates to scale customer support, the platform engaged in over 3,96,126 user interactions during this period.
WazirX announced the publishing of its Proof of Reserves to promote full transparency in India’s crypto ecosystem. It made its wallet addresses, list of exchanges, and an independent Proof of Reserves report available to the public and provided reassurance to customers that their funds and virtual digital assets remain safe, with enough liquidity to serve the customers’ withdrawal requests.
WazirX has continued its association with TRM Labs and Chainalysis to sustain and scale up its efforts of security. As a member of the Bharat Web3 Association, WazirX participated in regulatory developments and discussions, collaborated with stakeholders, and continued to focus on awareness initiatives. WazirX was also vocal about its insights on developments in the regulatory environment of Crypto in the country.
To access the full report, click here.
WazirX is an India-based crypto exchange that allows users to buy, sell, and trade various crypto assets like Bitcoin, Ether, Litecoin, and more. Today, it is India’s largest crypto exchange by volume and has over 15 million users. Founded by Nischal Shetty, Siddharth Menon, and Sameer Mhatre, WazirX aims to make crypto accessible to every Indian.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.