WazirX Received 377 Legal Requests, Blocked Over 14k Accounts
- WazirX on Thursday said it received 377 legal requests.
- The legal request is from April – September this year.
- The crypto exchange blocked over 14k accounts in the period mentioned.
Crypto exchange WazirX said it received 377 user account requests from law enforcement agencies on Thursday, as the crypto got traction in India. In addition to the request, 38 more were included from foreign agencies in April – September this year.
Meanwhile, the firm said that all the legal information requests received were criminal, and its compliance rate has been 100% for over 377 requests.
As a result, the crypto exchange blocked 14,469 accounts in the period mentioned above.
Noting WazirX’s statement on its first-ever transparency report,
90% of these activities were user-driven (customer requests to close accounts), and 10% were initiated by our legal team who had to lock the concerned accounts due to payment disputes or ongoing investigations for LEA cases.
Furthermore, these reports are part of the exchange’s semi-annual clarity report, which gives users a good insight into WazirX’s processes, standard terms of use, and privacy policy.
To facilitate immediate response to the requests, WazirX has formed a dedicated channel for clarity on transactions on its platform.
On the other hand, legal ambiguity on whether a crypto investment is allowed in India and massive volatility in values. According to broker discovery and comparison platform BrokerChooser, India has the largest crypto owners globally at 10.07 crore.
Read more: https://coinquora.com/wazirx-received-377-legal-requests-blocked-over-14k-accounts/
Text source: News – CoinQuora – Latest Cryptocurrency and Block
