WazirX launches India’s first crypto exchange transparency report
WazirX is always committed towards investors safety and security. The platform has reciprocated the same by maintaining and protecting them in multiple ways.
WazirX has carefully crafted policies to protect the users' data and financial information. Our transparency report arrays the requests received from law enforcement agencies (LEAs), the nature of information requests, user verification processes and the provisions for customer support.
While coordinating with law enforcement agencies for the information requests, we validate each request to ensure that the concerned agency is entitled to the data they are requesting.
Key highlights from the report:
During the period from April 2021 to September 2021, WazirX got 377 requests from LEAs out of which 38 requests were from Foreign Law enforcement agencies.
All the legal information requests received are criminal in nature & our compliance rate has been 100% for over 377 requests.
14,469 accounts have been locked from April to Sep 2021. 90% of these activities are user driven (customer requests to close accounts) and 10% are initiated by our legal team who had to lock the concerned accounts due to payment disputes or ongoing investigations for LEA cases.
“The transparency report is very important for us. Milestones like this are going to reshape the regulations and perception towards crypto in India. We have been recognised as a unicorn, looking at our performance, market cap and volumes. However, evaluation is not intrinsic for us. 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 paving the way to it through innovative approaches”, says Nischal Shetty, CEO and Founder, WazirX.
"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. While the Transparency report emphasises our commitment towards the community about being open on what's happening in the company and what initiatives we are taking in to protect them, the BP platform was created to ideate, analyse and record all the major movements in the blockchain world in the process of building web 3.0." Director of Public Policy, Aritra Sarkhel
Furthermore, as Blockchain is one of the prominent game-changing technology in boosting the economy and propelling new levels of innovation across the industries, we launched ‘Blockchain Papers’ (BP), one of India’s first blockchain research and analysis platforms, with an idea to build visibility for the platform and increase the user base by highlighting the USPs. The platform provides in-depth analysis & research on the developments in the decentralised blockchain ecosystem, impacting business, industries and economies around the world.
Blockchain Papers help create a web 3.0 in the near future Rationale as this is a website dedicated to building clarity and creating noise on the policy and regulations.
WazirX furnished this innovative technique to elevate and build an integrity & consistency as a leader putting forth arguments and ideas to help formulate policies on clear principles of democracy and decentralization. It helps in bringing more efficiency & accuracy through advanced methodologies, promising research directions and discussing approaches for unsolved issues in the crypto world.
The team at BP counts experienced journalists, senior policymakers and senior research analysts as the core members required to do countless hours of research and analysis on every aspect of the industry.
BP is documenting, analysing, and putting forward arguments that will form the business fundamentals of web 3.0 soon. The mission is to put forth arguments and ideas to help formulate policies on clear principles of democracy and decentralization.
WazirX remains committed to protecting users' data. Furthermore, WazirX would be issuing bi-annual transparency reports to provide continuous visibility to its users and stakeholders of the law enforcement information requests. We also plan to share more insightful data in our future reports that would detail the outcome of the initiatives undertaken to self-regulate.