Binance-Owned Indian Exchange Taps TRM Labs for Anti-Fraud Management

WazirX says the partnership is a reinforcement of its commitment to detecting and preventing illicit activity.

AccessTimeIconJul 1, 2021 at 8:46 a.m. UTC
Updated Sep 14, 2021 at 1:19 p.m. UTC

WazirX – Binance's Indian crypto exchange – has tapped blockchain analytics provider TRM Labs to enhance its anti-fraud and anti-money laundering measures.

  • TRM Labs offers tools for wallet screening, transaction monitoring and investigations, according to an emailed statement Thursday.
  • Its monitoring capability extends to the Ethereum, Binance Smart Chain, Dogecoin, Cardano and Polygon networks among others.
  • WazirX regards the partnership as a reinforcement of its commitment to detecting and preventing illicit activity in the face of uncertainty in India about regulation of crypto assets in the future.
  • The exchange, which was acquired by Binance in 2019, says it's India's largest crypto exchange, with more than 6.5 million users and a monthly trading volume of $6.2 billion.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
OpenSea Reports Email Data Breach

An employee at an outside contractor tasked with managing OpenSea email newsletters copied the list of customer emails and shared it with an outside party, OpenSea says.

CoinDesk - Unknown
2
CoinDesk - Unknown
Grayscale Sues SEC Over Bitcoin ETF Application Rejection

The SEC rejected Grayscale's application to convert its Grayscale Bitcoin Trust to an exchange-traded fund earlier Wednesday.

CoinDesk - Unknown
3
CoinDesk - Unknown
SEC Rejects Grayscale’s Spot Bitcoin ETF Application

Grayscale has said it was prepared for “all possible post-ruling scenarios."

CoinDesk - Unknown
4
CoinDesk - Unknown
Coinbase is Reportedly Selling Geo-Location Data to ICE

Watchdog group Tech Inquiry reported the new details about Coinbase’s three-year contract with the U.S. Department of Homeland Security.

CoinDesk - Unknown