The cryptocurrency exchanges in India are undergoing an internal change. There are media reports from several crypto trading platforms based in India that their management is keeping an eye on the account activities of the users. This new change has been brought about due to the increase in regulatory pressure from local and foreign watchdogs.
The financial regulators in India have been issuing warnings and search warrants against cryptocurrency accounts that might be involved in money laundering. At present, the country with the second largest population in the world does not have any specified legal structure regarding crypto trading. However, the cybercrime department, income tax officials, and the Enforcement directorate are still involved in researching the cryptocurrency traders that might be indulging in unlawful activities.
WazirX has Closed Suspicious Accounts
WazirX is considered one of the largest and most popular cryptocurrency exchanges in India. Recently, the crypto exchange has been receiving complaints from both local and foreign financial policymakers about illegal crypto trading accounts. To tackle this issue, WazirX management has decided to publish a transparency report recently.
The contents of this report declare that the crypto exchange has proceeded to take action against the suspicious account holders. From April, WazirX received a total of 377 investigation requests from law enforcement agencies. The management of the crypto exchange has blocked and blacklisted around 14,469 accounts thus far that were marked as suspicious.
The CEO and founder of WazirX, Nischal Shetty, recently spoke up about the matter of financial transparency on the crypto front. He recently told the media that the main aim of WazirX is to create a trustworthy and viable environment for the traders that are free from the dangers of legal retribution. He further added that the use of blockchain technology makes financial tracking very easy and should be favored by financial regulators.
Arita Sarkhel is the policy director at WazirX. Regarding the direction of crypto trading transparency, she told the media that the management of the crypto exchange is working on creating a think tank and refining policies to ensure a better service experience for the users. Kumar Gaurav is the founder of another crypto trading platform in India called Cashaa. He also agrees that the crypto exchanges have the responsibility to make better policies to ensure a crime-free user experience.