New Delhi: Cryptocurrency exchange WazirX said that it has locked around 14,500 user accounts during April 1 to September 30, 2021 along with a 100% compliance rate for law enforcement requests.
In its first 'Transparency Report' released on October 11, the company stated, "Our compliance rate for law enforcement requests has been 100% for over 377 requests. So far 14,469 accounts were locked by us from April 2021 to September 2021. 90% of these activities are user-driven (customer requested to close the account) and 10% are initiated by our legal team who had to lock the concerned accounts due to payment disputes or ongoing investigation for LEA (law enforcement agencies) cases."
WazirX also mentioned that between the April and September period, 38 compliance requests (out of 377) were from the foreign law enforcement agencies.
Currently, the crypto exchange said it has a total user base of 8.5 million with overall trading volumes of $30 billion since January 2021.
Whenever the exchange notices instances of false KYC (Know Your Customer) or its platform being used for illegal activities, the user is blacklisted and relevant law enforcement agencies are informed, it further stated.
"Initiatives such as the transparency report add credibility to the ecosystem and make the crypto world look more appealing to the outsiders. We aim to look at the bigger goals like positive regulations and consider ourselves as paving the way to it through innovative approaches," Nischal Shetty, CEO and founder, WazirX, said.
The cyrpto dealing platform recently launched its policy think tank, 'Blockchain Papers', which provides analysis and research on the developments in the decentralised blockchain ecosystem.
Aritra Sarkhel, Director of Public Policy, WazirX, said, "The report and the think tank is part of our efforts to bring more clarity and build transparency for our users and policy makers in India around everything crypto."