comscore WazirX received 377 legal requests in Apr-Sept 2021: List of actions taken
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WazirX received 377 legal requests in Apr-Sept 2021: List of actions taken

WazirX received 377 legal requests between April and September 2021. Additionally, it locked 14,469 accounts in the above-mentioned period.

  • Published: October 14, 2021 10:37 PM IST
Bitcoin

Crypto exchange WazirX has revealed that in the April-September period this year, it received 377 user account requests from law enforcement agencies (including 38 from foreign agencies). All the legal information requests received were criminal in nature and its compliance rate has been 100 percent for over 377 requests. Also Read - Bitcoin breaks all records, surges to a new all-time high of around $67,000: Know reason

The crypto exchange locked 14,469 accounts in the above-mentioned period. Also Read - Bitcoin scammers targeting iPhone users via dating apps: How to identify such scams, tips to stay safe

“Ninety percent of these activities were user driven (customer requests to close accounts) and 10 percent were initiated by our legal team who had to lock the concerned accounts due to payment disputes or ongoing investigations for LEA cases,” WazirX said in its first-ever transparency report. Also Read - CoinSwitch Kuber valued at $1.9 billion, now second crypto unicorn in India

According to a recent Nasscom report, the cryptotech industry has grown by 39 percent in the last five years in India. The cryptotech industry will reach $241 Million by 2030 in India, and $2.3 billion by 2026, globally.

“Initiatives such as the transparency report add credibility to the ecosystem and make the crypto world look more appealing to the outsiders. We aim to look at the bigger goals like positive regulations and consider ourselves paving the way to it through innovative approaches”, said Nischal Shetty, CEO and Founder, WazirX.

WazirX is part of Binance group, which is the world’s largest crypto exchange, serving users in 180 countries.

More than $6.6 billion investments have been made in crypto assets by retail investors in India to date. The industry provides employment for 50,000 individuals in India, with more than 230 startups and over 150 proof of concepts and projects.

Since Blockchain is one of the prominent game-changing technology, WazirX has launched ‘Blockchain Papers’ (BP), one of India’s first blockchain research and analysis platforms, with an idea to build visibility for the platform and increase the user base.

For the latest tech news across the world, latest PC and Mobile games, tips & tricks, top-notch gadget reviews of most exciting releases follow BGR India’s Facebook, Twitter, subscribe our YouTube Channel. Also follow us on  Facebook Messenger for latest updates.
  • Published Date: October 14, 2021 10:37 PM IST



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