Crypto exchange WazirX blacklists over 2,431 accounts. Here’s why
Crypto exchange WazirX said it has blacklisted more than 2,431 accounts before confirming transactions deemed illegal from October last year to March 2023.
Crypto exchange WazirX said it has blacklisted more than 2,431 accounts before confirming transactions deemed illegal from October last year to March 2023.
According to a report released by WaxirX on Tuesday, as many as 431 requests were received from law enforcement agencies (LEAs), against a total transaction volume of $390 million on the platform during this period. Forty-six requests were from foreign LEAs and 385 requests from Indian LEAs, it said.
According to a report released by WaxirX on Tuesday, as many as 431 requests were received from law enforcement agencies (LEAs), against a total transaction volume of $390 million on the platform during this period. Forty-six requests were from foreign LEAs and 385 requests from Indian LEAs, it said.
WazirX said it has engaged in more than 3,96,126 user interactions during this period. “This report covers an overview of initiatives taken by the company during the months of October 2022 to March 2023 to protect users in the virtual digital asset (VDA) ecosystem,” it said, adding, “It also includes details of requests on user data, content and office restrictions by Indian and foreign law enforcement agencies.”
WazirX said it has engaged in more than 3,96,126 user interactions during this period. “This report covers an overview of initiatives taken by the company during the months of October 2022 to March 2023 to protect users in the virtual digital asset (VDA) ecosystem,” it said, adding, “It also includes details of requests on user data, content and office restrictions by Indian and foreign law enforcement agencies.”
All these requests related to account blocking, suspected criminal case, investigation and information was sought from WazirX as to whether such accused had transacted crypto through our platform.
All these requests related to account blocking, suspected criminal case, investigation and information was sought from WazirX as to whether such accused had transacted crypto through our platform.
The crypto exchange said it immediately provided all information sought, adding, “our compliance rate in record time and accuracy was 100 percent”. Apart from that, blocking of over 2431 accounts was also initiated based on our internal transaction monitoring process and/or directives from the LEAs.
The crypto exchange said it immediately provided all information sought, adding, “our compliance rate in record time and accuracy was 100 percent”. Apart from that, blocking of over 2431 accounts was also initiated based on our internal transaction monitoring process and/or directives from the LEAs.
All requests received from Indian as well as foreign enforcement agencies were related to investigation from suspected criminal case.
All requests received from Indian as well as foreign enforcement agencies were related to investigation from suspected criminal case.
“Suspension/blocking of a user’s account is subject to our terms and conditions, i.e. when there is a breach of policy, insufficient or suspicious KYC, or if we notice that our platform is being used for illegal activities, we suspend/block the user’s account” , says the report.
“Suspension/blocking of a user’s account is subject to our terms and conditions, i.e. when there is a breach of policy, insufficient or suspicious KYC, or if we notice that our platform is being used for illegal activities, we suspend/block the user’s account” , says the report.
WaxirX on Monitoring Abnormal Transactions
WaxirX said it also has systems in place to monitor abnormal transactions made by users, flag their related accounts and identify other suspicious behavior so that those transactions can be reported to the LEA if deemed appropriate. “Our compliance rate has been 100% in providing information/records to LEAs and also in complying with their directives,” it said.
WaxirX on Monitoring Abnormal Transactions
WaxirX said it also has systems in place to monitor abnormal transactions made by users, flag their related accounts and identify other suspicious behavior so that those transactions can be reported to the LEA if deemed appropriate. “Our compliance rate has been 100% in providing information/records to LEAs and also in complying with their directives,” it said.
The recommended Statutory Processing Time (TAT) for responding to LEA requests is up to 72 hours from the time a request is received. However, using efficient communication channels, WazirX clocked an average TAT as small as 25 minutes to send the first cut response.
The recommended Statutory Processing Time (TAT) for responding to LEA requests is up to 72 hours from the time a request is received. However, using efficient communication channels, WazirX clocked an average TAT as small as 25 minutes to send the first cut response.
Some of the Indian and foreign law enforcement agencies that WazirX has worked with during this period are National Investigation Agency (NIA), Directorate of Enforcement, 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, and California Police Department, Florida Police, among others.
Some of the Indian and foreign law enforcement agencies that WazirX has worked with during this period are National Investigation Agency (NIA), Directorate of Enforcement, 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, and California Police Department, Florida Police, among others.
