WazirX reveals transparency report; locked over 14k accounts in India.
- ByStartupStory | October 18, 2021
WazirX recently released its transparency report for the period from April 1, 2021 to September 30, 2021 to give users a better understanding of its processes, standard terms of service and privacy policies.
WazirX has formulated policies to protect user data and financial information. The transparency report provides an overview of the requests received from law enforcement agencies (LEA), the nature of the information requests, user verification processes and customer support arrangements. While coordinating with law enforcement agencies for information requests, it validates each request to ensure the relevant agency is entitled to the data they request.
In the period April 2021 to September 2021, WazirX received 377 LEA requests, including 38 from foreign law enforcement agencies.
All legal information requests received are criminal in nature and the compliance rate was 100% for over 377 requests. 14,469 accounts were locked from April to September 2021 in India. 90% of these activities are controlled by users (requests to close customer accounts) and 10% are initiated by our legal team who had to lock the affected accounts due to payment disputes or pending investigations for LEA Affairs.
“The transparency report is very important to us. Milestones like this will reshape the regulation and perception of crypto in India. We have been recognized as a unicorn, looking at our performance, our market capitalization and our volumes. However, evaluation is not inherent in us. Initiatives such as the Transparency Report add credibility to the ecosystem and make the world of crypto more attractive to outsiders. We want to look at more ambitious goals, such as positive regulation, and we are considering leading the way through innovative approaches,” said Nischal Shetty, CEO and founder of WazirX.
“The report and the think tank are part of our efforts to bring greater clarity and transparency to our users and policymakers in India around all crypto. While the Transparency Report highlights our commitment to the community to be open about what’s happening in the business and the initiatives we’re taking to protect them, the BP platform was created to envision, analyse and understand all key blockchain moves, to capture the world that is busy building web 3.0, said Director of Public Policy Aritra Sarkhel.
Moreover, WazirX has launched “Blockchain Papers” (BP), one of the first blockchain research and analysis platforms in India, with an idea to increase the visibility of the platform and increase the user base by highlighting USPs. The platform provides in-depth analysis and research into the developments of the decentralized blockchain ecosystem, impacting businesses, industries and economies around the world.
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