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“WazirX Blacklists 2,431 Accounts Over Unlawful Transactions”

Before validating transactions considered illegal, cryptocurrency exchange WazirX claimed to have blacklisted more than 2,431 accounts between October of last year and March of 2023.

In a report provided by VaxirX on Tuesday, the company stated that during the time period under review, 431 requests from LEAs were made, and $390 million worth of business was done on the platform. In addition, it stated that 385 requests came from Indian LEAs and 46 requests came from international LEAs.

“At this time, we have had over 3,96,126 user interactions. An overview of the company’s actions from October 2022 to March 2023 to safeguard users in the Virtual Digital Asset (VDA) ecosystem is provided in the paper. Had been taken. The report stated that it also included information on the requests for user information, content, and account limitations made by Indian and foreign law enforcement agencies.

All of these requests concerned situations of account blocking, potential criminal charges, and investigations, and they all asked WazirX for information on whether the accused had traded cryptocurrency over our platform.

WazirX said that it swiftly delivered all the information sought and that “our compliance rate was 100%” in terms of timeliness and accuracy records. In addition, based on our internal transaction monitoring procedure and/or directives from the LEA, banning of more than 2,431 accounts was also started.

All demands from Indian and international law enforcement agencies concerned the investigation of potential criminal activity.

“Suspension/blocking of user’s account is subject to our terms and conditions, i.e. when there is a violation of policies, defective or suspicious KYC, or if we detect that our platform is being used for illicit purposes, We suspend/block the user’s account,” the report stated.

WaxirX on monitoring unusual transactions

WaxirX claimed to have tools in place to track users’ anomalous activities, flag their accounts, and spot other suspicious conduct so that, when deemed necessary, these transactions can be reported to LEAs. We have always complied with the LEA’s requests for information and records, according to the statement.

The suggested statutory Turnaround Time (TAT) is 72 hours from the moment the request is received for responding to LEA requests. Nonetheless, WazirX was able to send a first cut reply with an average TAT of 25 minutes because to effective communication connections.

During this time, WazirX has collaborated with a number of domestic and international law enforcement agencies, including the National Investigation Agency (NIA), Enforcement Directorate, State Cyber Crime Cell, Odisha Vigilance Department, Special Task Force, Bhopal Police, WB Police, and the Maharashtra Police. Police, Crime Branch, the California Police Department, the Florida Police, the Burlington Police, the Toronto Police Department, the Dortmund Police Department, the New York County District Attorney, and other law enforcement agencies

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