WazirX, India’s largest crypto exchange by volume, has released the fifth edition of its transparency report, providing details about the initiatives it has taken to maintain a secure 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.
The crypto exchange platform said it continues to hold a 100 percent compliance rate with law enforcement agencies globally and has also released a host of features to improve and ease the trading and investing process.
Also read: WazirX blacklists 2,431suspicious accounts between October-March
“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,” said Muthuswamy N Iyer, Head of Compliance, WazirX.
Wazirx’s in-house legal and compliance team assisted the Economic Offences Wing (EOW) of Odisha Police in investigating a project involved in a crypto pyramid scheme which is a cognizable offence as per the Reserve Bank of India. It also assisted other domestic and international regulatory bodies and law enforcement agencies by providing crucial information related to any suspicious transaction, the company said in a release.
Here are some of the features that were improved by WazirX during this period, based on customer feedback:
- Launched a KYC history feature for users. This feature will help track all actions taken by a user before KYC is verified/rejected. “Every status change will be tracked, recorded, and will be available to our KYC and compliance team to do an in-depth check,” the company said.
- A section called ‘Most Active’ has been launched to showcase the eight most active INR markets on the platform based on both trading volume and price variation (in the last 2 hours).
- Coin Metadata Info is now being provided on the app which will help traders and investors get essential token information.
- A ‘New Listings’ section has been added to the home page to ensure all users are updated about the latest listings from 10 days prior.
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