WazirX Bank Accounts Unfrozen, Continues to Cooperate With ED

WazirX has published an official blog post to clarify that it will continue cooperating with the Enforcement Directory in its actions against allegedly accused fintech companies and instant loan mobile applications.

WazirX is an Indian crypto trading platform established in 2017 by Siddharth Menon, Nischal Shetty, and Sameer Mhatre. Payment methods accepted by WazirX include:-

WazirX currently prohibits credit card payments; however, they may be accepted in the future.

WazirX aims to take India ahead in the crypto race or at least move the country toward adopting cryptocurrency together with the world. The internal economy of the platform is governed by the native token – WRX.

WRX is for users looking to stay around for a while and stay connected to the platform for the long term. WazirX recommends its users hold on to the token and let the value grow for better returns.

The referral program of WazirX is unique in the crypto industry. It rewards 50% commission to users who bring referrals to the platform. The commission is applicable in the form of every trade they perform with another user. Payouts are released within 24 hours with no limit to how much one can earn.

Functionalities of WazirX are supported on all devices in every form. For instance, users can access the platform through websites and also through mobile applications & desktop applications. The blockchain infrastructure that backs the platform is scalable and has the efficiency of executing millions of transactions every second. Read more about the platform on the WazirX exchange review.

Sixteen such companies and apps came under the authorities’ radar for misleading their users. Bank accounts of WazirX were frozen, and WazirX could not perform its banking transactions. Investigations have now revealed that WazirX was merely an intermediary being misused by the companies and applications.

Bank accounts of WazirX have been unfrozen, allowing it to continue its banking operations.

Cooperation by WazirX involves the venture providing the Enforcement Directorate with all the necessary details of the accused, including documents, details, and other pieces of information. Moreover, WazirX has assured the community that it takes strict actions against those who misuse the platform for any illegal activity.

KYC/AML processes are critical to WazirX even though it is legally not required to teach those in the registration process. The no-tolerance policy of WazirX emphasizes that users must use the platform for legal and bonafide purposes only.

An internal investigation by WazirX revealed that all the accused companies and applications were already recognized and blocked by the platform in 2020-2021.

WazirX stands true to the words that it believes in promoting only legal courses on the platform. Transparent and complete cooperation gave the Enforcement Directorate enough surety to unfreeze the bank accounts, enabling WazirX to get back to executing its financials through banks.

Source: https://www.cryptonewsz.com/wazirx-bank-accounts-unfrozen-continues-to-cooperate-with-ed/