WazirX, the popular crypto exchange, recently announced India’s first exchange transparency report. The platform released data from April 1st to September 30th to help users understand how it operates.
WazirX has invested heftily in devising comprehensive policies to protect customers’ financial and data information. The transparency report also highlights requests from LEAs (law enforcement agencies), user verification procedures, provisions for customer service, and the nature of user concerns.
The exchange meets every LEA request for information to make sure every agency receives the data requested. Here is an overview of the findings released in the report:
Between April to September 2021, the exchange received 377 requests from law enforcement agencies. Out of these, 38 requests were issued from Foreign LEAs.
Every legal data request WazirX received was criminal in nature. Nevertheless, the exchange maintained a 100% compliance rate throughout the 377 requests.
The platform locked 14,469 accounts during the period. Around 90% of such activities derive from user requests, i.e., customers asking to close their accounts. The remaining is part of WazirX’s legal team, which restricts the accounts because of ongoing investigations and payment disputes.
Nischal Shetty, the founder and CEO of WazirX, commented on the report release. He stated that the report holds utmost prominence for WazirX. Achievements like this reshape the industry, regulations, and everyone’s perspective towards cryptocurrency in India.
The masses see WazirX as a unicorn, assessing its volumes, market cap, and performance. However, evaluation is not merely intrinsic for the exchange. These initiatives add credibility to the entire ecosystem and show the cryptocurrency market in a better light.
Nischal added that WazirX plans for the bigger picture like favorable regulations and intends to simplify it for everyone.
Aritra Sarkhel, the Director of Public Policy, also talked about the report. He stated that the latest report is WazirX’s attempt to build transparency and bring clarity for policymakers and users in India around crypto. The report focuses on how the exchange works and how it protects customers. WazirX was created to record, analyze, and ideate every significant movement across the blockchain, pushing the industry to build Web 3.0.
The report has sparked interest among users and will help numerous customers get into the crypto industry.