WazirX's 5th Transparency Report: 100% Compliance With Law Enforcement Agencies To Ensure Crypto Security

India's leading crypto exchange, WazirX in its 5th Transparency Report said that it maintained a 100% compliance rate with law enforcement agencies globally to ensure crypto security. The exchange also released a host of features to improve and ease the trading and investing process on its platform.

In the latest transparency report, WazirX showcases its initiatives towards maintaining a secure and user-savvy platform for its customers. The developments covered in the report occurred between April 2023 and September 2023.

According to WazirX, the average turnaround time to respond to information requests from regulators and other government agencies was 22 minutes for the first cut response.

Muthuswamy N Iyer, Head of Compliance, WazirX said, "We are happy to have maintained our success rate of cooperating and engaging with regulatory bodies amidst a range of initiatives being considered globally. In an environment where we witnessed some major steps by the Indian government towards leading regulatory efforts in the Crypto ecosystem, we ensured a thorough abidance with domestic and international compliance initiatives."

During this period, WazirX continued to improve its features based on customer feedback. Some of these features are:

1. Launched a KYC history feature for users. With this feature, it will be possible to track all the moves that a user does before his/her KYC is verified/rejected. Every status change will be tracked, and recorded and will be available to our KYC and compliance team to do an in-depth check.

2. Introduced a 'What's New' popup to keep users informed of the latest updates and enhancements of the app.

3. Launched 'Most Active' section which shows 8 most active INR markets on the platform based on both trading volume and price variation, in the last 2 hours.

4. Introduced Coin Metadata Info on the app which will help traders and investors get essential token information, thus facilitating and encouraging DYOR (Do Your Own Research).

5. Added the 'New Listings' section on the home page to ensure all users are updated about the latest listings from 10 days prior.

Wazirx's in-house Legal and Compliance team assisted the Economic Offences Wing of Orissa Police in investigating a project involved in a Crypto pyramid scheme which is a cognizable offence as per the RBI. WazirX also assisted other domestic and international regulatory bodies and law enforcement agencies by providing crucial information related to any suspicious transaction.