Leading Crypto Exchange WazirX Releases Bi-Annual Transparency Report Highlighting Growth And Compliance Focus

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Rajagopal Menon, Vice President, WazirX
Rajagopal Menon, Vice President, WazirX

MUMBAI: WazirX, India’s largest crypto exchange by volume, has published its 6th Transparency Report for the period of October 2023 to March 2024. The report provides an overview of the company’s recent activities and its adherence to compliance standards. WazirX has continued its efforts to maintain a secure platform for trading virtual digital assets (VDAs), with a focus on compliance with regulatory requirements. The company has been actively working with regulators and law enforcement to support the development of a regulatory framework that benefits the VDA ecosystem.

Commenting on the report, Rajagopal Menon, Vice President, WazirX said, “At WazirX, we are dedicated to protecting users while fostering innovation in India’s VDA ecosystem. Our latest transparency report is indicative of this ethos. Through proactive collaboration with regulators, law enforcement agencies, industry bodies, and other stakeholders, we are paving the way for positive regulations that can unlock the transformative potential of blockchain and crypto technologies across sectors. In the months to come, we will continue establishing robust security protocols, engaging with policymakers to build an appropriate regulatory framework, and promoting crypto literacy.”

Key Highlights from the Report:

  • Trading volume saw an increase of 217% compared to the previous six months
  • New user registrations grew by 122%
  • March 2024 witnessed the highest trading volume of over $400M, whereas December 2023 saw the highest sign-up rates
  • WazirX added 16 new tokens and 30 new trading pairs to its offerings
  • Prioritizing customer satisfaction, WazirX’s dedicated customer support team addressed more than 158,900 inquiries during the reporting period
  • The company responded to 1,700 requests from Indian and foreign law enforcement agencies, maintaining a 100% compliance rate
  • A swift Turnaround Time of 22 minutes for responding to Law Enforcement Requests
  • The company also trained officials from the Joint Cyber Crime Coordination Teams (JCCT) Northeast, Assam Police and I4C MHA on the security aspects of crypto
  • As a member of the Bharat Web3 Association, WazirX contributed to policy discussions to encourage the adoption of Web3 and blockchain technologies
  • Participated in the International Startup Summit
  • WazirX collaborated with TaxNodes and GoSats, empowering the youth at IIT Bombay’s Techfest through a focused workshop on Crypto Trading
  • Also collaborated with TOKEN and HTX DAO for conducting Learn and Earn campaigns

As the crypto exchange ecosystem continues to evolve, WazirX remains committed to ensuring a safe and transparent trading environment for its rapidly growing user base.

The full transparency report can be accessed through this link: https://wazirx.com/blog/wp-content/uploads/2024/04/WazirX-Transparency-Report-Edition-6.pdf

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