- WazirX said Thursday it has received 377 requests for legal assistance.
- The legal request is from April – September this year.
- Over 14k accounts were blocked on the crypto exchange during this period.
WazirX’s crypto-exchange said it received 377 account request from law enforcement agencies. The reason for this was that the cryptocurrency gained popularity in India. In addition to the request, 38 more were included from foreign agencies in April – September this year.
The company stated, however, that none of the requests for legal information were made by criminals and that its compliance rate was 100% on more than 377 requests.
In the mentioned period, 14,469 accounts were blocked by the crypto-exchange.
Noting WazirX’s statement on its first-ever transparency report,
95% of the above activities were customer-driven (customer request to close accounts). 10% were initiated and managed by our legal department who needed to lock down accounts because there were ongoing investigation for LEA cases or payment disputes.
WazirX established a dedicated channel that clarifies transactions and facilitates immediate response.
However, there is legal uncertainty about whether crypto investments are allowed in India. There also seems to be a lot of volatility in the values. BrokerChooser and broker comparison platform BrokerChooser show that India is home to 10.07 million crypto-owners.
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