WazirX, an acclaimed cryptocurrency exchange operating in India, recently released a report stating that a total of 2,431 accounts were blocked on their platform between October 2022 and March 2023 for breaching platform policies and regulations.
Over this period, the exchange was also contacted by 431 law enforcement agencies regarding transactions amounting to $390 million.
Law enforcement officials primarily requested user data or blocked users suspected of engaging in criminal activities or money laundering.
Of the total requests, 385 came from Indian law enforcement agencies while 46 were from foreign agencies. To improve their monitoring capabilities, WazirX utilized the services of several analytical firms such as Chainalysis and TRM Labs.
Whenever any suspicious activity was detected, the platform alerted the authorities immediately. Additionally, WazirX reported clients who failed to provide sufficient proof of their source of funds or income.
At the start of the year, the platform implemented proof of reserves for user deposits. One month later, Binance, the largest cryptocurrency exchange, ended its association with WazirX.