WazirX says it is compliant with KYC law

Zanmai Labs, operator of Indian crypto exchange WazirX said it has a no-tolerance policy towards any illegal activities.
The statement comes just days after the Directorate of Enforcement (ED) alleged that the company was in violation of know your customer (KYC) guidelines.
“Users are signed up on WazirX only after they complete the KYC process, including submitting proof of address and identity. Our KYC/AML terms and processes are available on the platform publicly. For every transaction, we are able to produce the KYC details of the relevant user,” a spokesperson said in a statement.
On Friday, ED said it recently conducted searches on one of the directors of Zanmai Lab Pvt Ltd, which owns the popular cryptocurrency exchange WazirX, and had issued a freezing order on its bank accounts that contain Rs 64.67 crore.
“We do not accept any cash transactions. We have fully cooperated with the ED for several days and have responded to all their queries fully and transparently. ED appears to be investigating the transactions of certain users, and Zanmai Labs has no affiliation to such users and is unaware of the purpose of their transactions. Zanmai Labs is in the position of any other intermediary whose platform may have been misused,” it said.