WazirX launches 2nd transparency report with 100% compliance rate

Synopsis

The report provides an overview of initiatives and partnerships that the company took in the last 6 months to safeguard investors’ interest from its end.

New Delhi: Crypto trading platform WazirX released the second edition of its semiannual ‘Transparency Report’ for October 2021 – March 2022 period on Tuesday.

The report provides an overview of initiatives and partnerships that the company took in the last 6 months to safeguard investors’ interest from its end.

During the mentioned period, WazirX has reported 100 per cent compliance rate for all the 1,023 requests received from various Law Enforcement (LEA).
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According to the report, Wazir X recorded an improvement in average turnaround time at 22 minutes, significantly better than the recommended duration of 48 to 72 hours, as per IT Act, 2000.

The platform registered 952 queries from the Indian Law Enforcement , whereas the Foreign LEAs made 71 requests. All the complaints were criminal in nature.

Majority of the scams reported were traditional money market scams including phishing, ponzi schemes, identity thefts and more. More than 17,218 accounts were locked, indicating a rise of 19 per cent from April – September, 2021.

About every three out of four of these locked accounts were due to requests initiated directly by the customers, whereas the remaining were locked by WazirX’s legal team. due to ongoing investigations by LEA or payment disputes.

The findings suggest an increase in the number of accounts getting locked due to legal action from the company in comparison to the last report, thanks to all round customer support and increased talent hiring.

Nischal Shetty, CEO and Founder, WazirX, said that the insights of the report indicate that even now the vast majority of scams are due to misinformation.

“They occur due to lack of awareness amongst users and indicate a requirement of large scale education and awareness programs to safeguard user interests,” he added.

The company said it is committed to strengthening the Virtual Digital Assets landscape in India through effective scrutiny and review, collaborations with compliance platforms and educational institutes to spread awareness to avert frauds.

WazirX is a crypto exchange that allows users to buy, sell and trade various crypto and claims to be India’s largest crypto exchange by volume with more than 12 million users. Presented By

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Updated: 05/17/2022 — 10:00