TRM Labs partners with WazirX to detect crypto fraud

As India’s largest cryptocurrency exchange comes under increased scrutiny from the nation’s investigation agencies, WazirX has teamed up with TRM Labs, a blockchain intelligence firm, to enhance its ability to detect crypto fraud.

A range of services is provided by TRM, such as crypto compliance and risk management, which includes tools to screen wallets, monitor transactions, and conduct investigations. According to WazirX, the partnership will help monitor, investigate, and mitigate crypto fraud and financial crime on the platform.

The security and compliance of our operations with global regulatory requirements are key to our success, while we are also committed to meeting the needs of our customers, Nischal Shetty, founder and CEO 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 to use for large compliance teams, yet is backed by best-in-class blockchain analytics.”

A number of digital assets are monitored by TRM, including Ethereum, Dogecoin, Cardano, MATIC, Shiba Inu, and others.

The right risk management tool drives growth for forward-looking crypto companies like WazirX, says TRM Labs CEO Esteban Castano. “Our next-generation platform is built for customers who need to meet consumer demands for new assets while maintaining regulatory compliance and risk management.”

More than 6.5 million users use WazirX, which performs over $6.2 billion in transactions per month. By partnering with TRM, the exchange hopes to build trust with Indian authorities, who are concerned that crypto assets are used for crimes such as money laundering and funding terrorism, which signals them to “show robust capability in detecting and preventing illicit activity on its platform”.

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