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WazirX, clarified on Friday that Makarand P Adivirkar, also known as the “King of Cryptocurrencies,” is not the client of the cryptocurrency exchange after media said he had used multiple bitcoin wallets on platforms such as WazirX to facilitate payments for several drug trafficking networks. in India.
According to reports, the Narcotics Control Bureau (NCB) arrested Crypto King on Tuesday. Adivirkar is said to be accused of accepting cash payments from drug traffickers and then converting them into bitcoins using crypto wallets to buy drugs from sellers in European countries via the dark web.
The cryptocurrency exchange released the statement after #WazirXCaught started trending on Twitter. Many users of the microblogging website criticized the company for not following Know Your Customer (KYC) standards when opening accounts.
On June 11, 2021, WazirX had received an email from the BCN inquiring about the said accused and his trading activity on WazirX. After checking our files, we identified that the accused was not a WazirX user, and we communicated the same to the authorities on June 12, “the exchange said in a statement.
According to WazirX, it only allows KYC verified and whitelisted accounts to withdraw funds from our exchange.
We would like to reiterate that WazirX follows global best practices in KYC compliance and anti-money laundering (AML) and has a robust transaction monitoring system. We perform strict KYC verification of each user to verify their identity as well as secondary KYC verification through users’ linked bank accounts before authorizing a customer to transact on WazirX, ”the trade statement added.
Bitcoin uses peer-to-peer technology to operate without a central authority or a bank, and the management of bitcoin transactions and issuance is carried out collectively by the network. Bitcoin and other forms of cryptocurrency are often used on the dark web for illicit transactions.
Meanwhile, WazirX’s utility token called WRX was trading down to $ 1.50, down 4.4%, according to CoinGecko.com.
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