cryptocurrency: Cryptocurrency exchanges start blocking accounts after govt raises red flags
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Indian cryptocurrency exchanges have started reporting and blocking trading accounts, which undertake suspicious trades after government agencies raised red flags over cryptocurrencies being used for money laundering.

The self-regulation comes at a time when India is yet to come out with any regulations around cryptocurrencies or the way to tax them.

Industry trackers say investigators including cybercrime officials, the Enforcement Directorate and the income tax department, had raised red flags in the past few months.

Also, top crypto exchanges are getting requests from foreign investigators regarding certain suspicious accounts.

For instance, WazirX, one of the largest cryptocurrency exchanges in the country, recently declared the numbers in what it calls a “transparency report”.

Between April and September this year, the exchange got 377 requests from legal enforcement agencies, out of which 38 requests were from foreign law enforcement agencies.


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The crypto exchange locked about 1,500 accounts.

In all, the exchange locked 14,469 accounts, although most of them were after customers asked them to stop services or there were some other payment issues.

“Initiatives such as the transparency report add credibility to the ecosystem and make the crypto world look more appealing to outsiders,” Nischal Shetty, CEO and founder, WazirX. “We aim to look at the bigger goals like positive regulations and consider ourselves paving the way to it through innovative approaches.”

Many regulators in India had raised red flags around certain cryptocurrency transactions.

Exchanges have said they have developed a strong internal anti-money laundering policy as well.

“In India, we are bringing our four years of robust policy with our technologies to make sure we build products and services which help in crypto adoption but at the same time minimise the risk of money...

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