Mumbai, October 23, 2023: WazirX released its 5th Transparency Report to showcase its initiatives towards maintaining a secure and user savvy platform for its customers. Besides its continued record of 100% compliance rate with law enforcement agencies globally, it released a host of features to improve and ease the trading and investing process on its platform.
The developments covered in the report occurred between April 2023 and September 2023. The average turnaround time to respond to information requests from regulators and other government agencies was 22 mins for the first cut response.
“We are happy to have maintained our success rate of cooperating and engaging with regulatory bodies amidst a range of initiatives being considered globally. In an environment where we witnessed some major steps by the Indian government towards leading regulatory efforts in the Crypto ecosystem, we ensured a thorough abidance with domestic and international compliance initiatives”, Muthuswamy N Iyer, Head of Compliance, WazirX.
During this period, WazirX continued to improve its features based on customer feedback.
Some of the features included:
– Launched a KYC history feature for users. With this feature it will be possible to track all the moves that a user does before his/her KYC is verified/rejected. Every status change will be tracked, recorded and will be available to our KYC and compliance team to do an in-depth check.
– Introduced a ‘What’s New’ popup to keep users informed of latest updates and enhancements of the app
– Launched ‘Most Active’ section which shows 8 most active INR markets on the platform based on both trading volume and price variation, in the last 2 hours
– Introduced Coin Metadata Info on the app which will help traders and investors get essential token information, thus facilitating and encouraging DYOR (Do Your Own Research)
– Added ‘New Listings’ section on the home page to ensure all users are updated about latest listings from 10 days prior
Wazirx’s in-house Legal and Compliance team assisted the Economic Offences Wing of Orissa Police in investigating a project involved in a Crypto pyramid scheme which is a cognizable offense as per the RBI. WazirX also assisted other domestic and international regulatory bodies and law enforcement agencies by providing crucial information related to any suspicious transaction.
To access the full report, click here.