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Indian Crypto Exchange WazirX banned over 2,400 users over unlawful activity

The popular crypto exchange firm showed 100% compliance rate with the Law Enforcement Agencies requests.

India TV Business Desk Edited By: India TV Business Desk New Delhi Published on: March 22, 2023 10:28 IST
Indian Crypto Exchange
Image Source : FREEPIK 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.

Major cryptocurrencies are trading as follows as of 9 am IST, 22nd March 2023:

Bitcoin: $28,256 USD


Ethereum: $1,807.44 USD

Tether: $1.00 USD

USD Coin: $0.9987 USD

BNB: $336.45 USD

XRP: $0.4609 USD

Dogecoin: $0.07644 USD

Cardano: $0.3714 USD

Polygon: $1.15 USD

Polkadot: $6.35 USD

Tron: $0.06707 USD

Litecoin: $81.95 USD

Shibu Inu: $0.00001098

ALSO READ: Belgium makes it mandatory to run explicit warnings of risks in Crypto ads


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