The rapid increase in the number of crypto owners in India has led to an immediate need to focus on transaction safety and the prevention of fraud. A massive user base makes effective monitoring and scrutiny difficult and the exchanges that facilitate crypto trading need to remain ever vigilant and ensure tight processes that keep scammers at bay.

This Fraud Awareness Week, WazirX, India’s largest crypto exchange, shares how it keeps its customers safe from crypto scams and how investors can stay vigilant.

1. What role does WazirX play in raising investor awareness on scams and frauds?

India currently does not mandate any specific AML/CFT norms for crypto exchanges. We, in our endeavour to make the crypto ecosystem safer for all stakeholders, voluntarily follow the FATF recommendation on VASPs. We also proactively engage with state, central, and international agencies in sharing and establishing international best practices on AML/CFT as stated in our first Transparency Report.
Furthermore, we comply with BACC’s self-regulatory code of conduct under the Internet and Mobile Association in absence of regulatory guidelines. On the occasion of #FraudAwarenessWeek, we would like to share six key features of the code of conduct that ensure accountability and customer protection.

• Mandatory online verification and KYC for all customers on our WazirX trading platform

• Checks to prevent fraud and market manipulations

• Audit trail of all transactions

• 100 percent compliance…

Read more…