WazirX received a total of 431 information requests from law enforcement agencies (LEA) against a total transaction volume of $390 million from October 2022 to March 2023, according to a transparency report published by the crypto exchange. These requests dealt with issues like account blocking, suspected criminal proceedings, and investigations. The report added that most of these requests (385) were made by Indian LEAs whereas the remaining requests (46) were raised by foreign agencies. The exchange claimed to have an average turnaround time of 25 minutes for sending the first cut reply. It added that the statutory turnaround time for companies to respond to LEAs is within 72 hours of receiving a request. The platform also revealed that it blocked over 2431 accounts based on its internal monitoring process and directives from the LEAs. Why it matters: The report offers a glimpse into how one of India’s most popular crypto exchanges deals with regulatory oversight. It is also a snapshot of the company’s own efforts to flag suspicious transactions taking place on the platform. It must be noted that the report is a voluntary effort undertaken by the company itself, so its findings must be taken with a pinch of salt. However, it does offer a good precedent that can be followed by other exchanges in the interest of transparency. What else do we know: The company stated that it reports suspicious transactions proactively to law enforcement agencies such as the Financial Intelligence Unit, India (FIU-IND). The platform flags transactions…
