WazirX launches India’s first crypto exchange transparency report & policy think tank

WazirX is all the time dedicated in direction of traders security and safety. The platform has reciprocated the identical by sustaining and defending them in a number of methods.

WazirX has rigorously crafted insurance policies to guard the customers’ knowledge and monetary info. Our transparency report arrays the requests obtained from regulation enforcement companies (LEAs), the character of knowledge requests, consumer verification processes and the provisions for buyer assist.

Whereas coordinating with regulation enforcement companies for the data requests, we validate every request to make sure that the involved company is entitled to the information they’re requesting.

Key highlights from the report:

  • Through the interval from April 2021 to September 2021, WazirX obtained 377 requests from LEAs out of which 38 requests had been from Overseas Legislation enforcement companies.
  • All of the authorized info requests obtained are felony in nature & the platform’s compliance charge has been 100% for over 377 requests.
  • 14,469 accounts have been locked from April to Sep 2021. 90% of those actions are consumer pushed (buyer requests to shut accounts) and 10% are initiated by our authorized workforce who needed to lock the involved accounts resulting from cost disputes or ongoing investigations for LEA circumstances.

“The transparency report is essential for us. Milestones like this are going to reshape the laws and notion in direction of crypto in India. We’ve got been recognised as a unicorn, our efficiency, market cap and volumes. Nevertheless, analysis just isn’t intrinsic for us. Initiatives such because the transparency report add credibility to the ecosystem and make the crypto world look extra interesting to outsiders. We intention to take a look at the larger objectives like constructive laws and contemplate ourselves paving the way in which to it by way of revolutionary approaches” 

Nischal Shetty, CEO and Founder, WazirX

“The report and the assume tank is a part of our efforts to convey extra readability and construct transparency for our customers and coverage makers in India round all the things crypto. Whereas the Transparency report emphasises our dedication in direction of the group about being open on what’s taking place within the firm and what initiatives we’re taking in to guard them, the BP platform was created to ideate, analyse and document all the main actions within the blockchain world within the means of constructing internet 3.0.” 

Aritra Sarkhel, Director of Public Coverage, WazirX

Moreover, as Blockchain is likely one of the outstanding game-changing expertise in boosting the economic system and propelling new ranges of innovation throughout the industries, we launched ‘Blockchain Papers’ (BP), considered one of India’s first blockchain analysis and evaluation platforms, with an thought to construct visibility for the platform and improve the consumer base by highlighting the USPs. The platform offers in-depth evaluation & analysis on the developments within the decentralised blockchain ecosystem, impacting companies, industries and economies all over the world.

Blockchain Papers assist create an internet 3.0 within the close to future Rationale as this can be a web site devoted to constructing readability and creating noise on the coverage and laws.

WazirX furnished this revolutionary method to raise and construct integrity & consistency as a pacesetter placing forth arguments and concepts to assist formulate insurance policies on clear rules of democracy and decentralisation. It helps in bringing extra effectivity & accuracy by way of superior methodologies, promising analysis instructions and discussing approaches for unsolved points within the crypto world.

The workforce at BP counts skilled journalists, senior policymakers and senior analysis analysts because the core members required to do numerous hours of analysis and evaluation on each facet of the business.

BP is documenting, analysing, and placing ahead arguments that may kind the enterprise fundamentals of internet 3.0 quickly. The mission is to place forth arguments and concepts to assist formulate insurance policies on clear rules of democracy and decentralisation. WazirX stays dedicated to defending customers’ knowledge. Moreover, WazirX could be issuing bi-annual transparency stories to supply steady visibility to its customers and stakeholders of the regulation enforcement info requests. We additionally plan to share extra insightful knowledge in our future stories that will element the end result of the initiatives undertaken to self-regulate.

For extra particulars please confer with the complete model of our transparency report:

Initially printed at: https://blockchainpapers.in/

Disclaimer: Cryptocurrency just isn’t a authorized tender and is at present unregulated. Kindly make sure that you undertake enough danger evaluation when buying and selling cryptocurrencies as they’re usually topic to excessive value volatility. The knowledge supplied on this part would not characterize any funding recommendation or WazirX’s official place. WazirX reserves the appropriate in its sole discretion to amend or change this weblog put up at any time and for any causes with out prior discover.

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