Indian Crypto Exchange WazirX banned 2,431 users over unlawful activity

Indian Crypto-exchange WazirX, with reportedly around 10 million users, recently revealed in a report that the exchange had blacklisted 2,431 accounts after requests of blacklisting from Law enforcement agencies (LEA). This blocking on the platform is over suspicious and unlawful activity after verifying the transactions, between October 2022 to March 2023. The volume of transactions in question is estimated to be around $390 million. The platform showed 100% compliance with LEA requests

WazirX’s fourth Transparency report further stated that a total 431 requests for account blocking were made by the LEA’s across the globe which includes National Investigation Agency, Directorate of Enforcement, Toronto Police, California Police. The platform responded with its first reply to a LEA request in just 25 minutes while the compliance time period allows a company to take 72 hours.

WazirX is a cryptocurrency exchange platform based in India. It was founded in 2018 by Nischal Shetty, Siddharth Menon, and Sameer Mhatre. The platform allows users to buy, sell and trade various cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. The platform has been acquired by Binance, one of the world's largest cryptocurrency exchanges, which has helped to increase its credibility and expand its reach. Last year, Enforcement Directorate freezed assets worth Rs 64 crores of WazirX over ‘off-chain’ transactions.