WazirX partners TRM Labs to detect crypto fraud on its platform

cryptocurrency, trm labs, Blockchain, Crypto exchange, crypto fraud, wazirx, blockchain intelligence, issued a show cause, sought details

Mumbai: WazirX has partnered with TRM Labs, a blockchain intelligence firm, to enhance its capabilities to detect crypto fraud, at a time when India’s largest cryptocurrency exchange is facing increased scrutiny from the nation’s investigation agencies.

TRM provides services like crypto compliance and risk management, including tools for wallet screening, transaction monitoring and investigations. WazirX said the partnership will help monitor, investigate, and mitigate crypto fraud and financial crime on the platform.

“Ensuring that our operations are secure and compliant with global regulatory requirements is critical to our success; at the same time, we want to meet our customers’ expectations for fast, seamless transactions,” Nischal Shetty, founder and chief executive of WazirX said in a statement. “TRM’s platform helps us (WazirX) achieve this balance with an AML (anti-money laundering) solution that’s easy for large compliance teams to use, but also underpinned by best-in-class blockchain analytics.”

TRM’s monitoring capability spans more than 300,000 digital assets, including Ethereum, Dogecoin, Cardano, MATIC, Shiba Inu and others, the company said.

“Forward-thinking crypto businesses like WazirX recognize that the right risk management tool is an enabler of growth,” TRM Labs CEO Esteban Castano said. “Our next-generation platform is designed for customers who need to move quickly to meet consumer demand for new assets while maintaining the highest standard of regulatory compliance and risk management.”

WazirX has more than 6.5 million users and a monthly volume of $6.2 billion. With the TRM partnership, the exchange wants to build confidence in Indian authorities, who it says have expressed concern that crypto assets are used for criminal activity such as money laundering and funding terrorism, which signals them “to demonstrate a robust capability to detect and prevent illicit activity from occurring on its platform”.

Of late, India’s largest crypto exchange by volume, has been under intense pressure from regulators. On June 11, ET reported that the Enforcement Directorate issued a show cause notice to WazirX and Shetty to explain transactions worth Rs 2,790.74 crore that, the agency said, were in violation of India’s foreign exchange rules. The exchange did not respond to ET’s query on whether it had received the notice.

On June 18, the Mumbai wing of the Narcotics Control Bureau (NCB) sought details from the crypto exchange about an alleged drug dealer who, according to the agency, used the platform to deal in contraband.

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