India’s largest cryptocurrency exchange, WazirX, has blacklisted over 2,431 accounts between October 2022 and March 2023, with the help of third-party monitoring tools.
WazirX received 431 requests from law enforcement agencies during this period, against a total volume of $390 million in transactions. This development concurs with the Union Ministry of Finance’s decision to include crypto platforms under the Prevention of Money Laundering Act, 2002.
Earlier, WazirX received double the number of such law enforcement agency requests in April-September 2022, a transparency report from WazixX said.
Out of 431 requests, 46 came from foreign law enforcement agencies and 385 came from Indian authorities. These requests pertain to investigations into account blocking, and criminal proceedings.
Agencies wanted to know whether the accused had dealt in crypto through WazirX.
Metamask-Moonpay Partnership Helps Nigerians Buy Crypto Via Bank Transfer
Cryptocurrency wallet MetaMask has partners with Web 3.0 payment company MoonPay that will allow Nigerians to buy crypto tokens directly from their wallets.
In addition to accepting local bank transfers, MetaMask wallets can be used to store tokens. This integration will now make it easier for Nigerians to buy crypto, as many banks have suspended using their debit cards on international websites, Decrypt reported. MoonPay’s KYC solution allows users to join faster and more safely.
Nigerians are unable to purchase cryptocurrencies despite being a centre of crypto transactions. The African country’s central bank had prohibited commercial banks from servicing crypto exchanges.
Many Nigerian banks had suspended using their debit cards on international websites. All such difficulties made it difficult for users to pay for crypto on centralised exchanges, and forced them to rely on peer-to-peer transactions for crypto purchases, thus making them vulnerable to scammers.
Crypto Firms Heed Hong Kong's Call for Web 3.0 Leadership
As crypto firms seek to set up shop in Hong Kong, the city is accelerating towards its goal of becoming a global hub for cryptocurrency.
Over 80 companies, including crypto exchanges, Blockchain infrastructure companies, Blockchain network security companies, virtual currency wallets, and payment companies want to set up shop in Hong Kong, Decrypt quoted Hong Kong’s Secretary for Financial Services and Treasury, Christopher Hui as saying.
“Hong Kong is well-positioned to be a leading hub for Web 3.0 in Asia and beyond, and we attach great importance to virtual assets and Web 3.0,” Hui said.
Hong Kong’s reputation as a fintech hub was shaken after Covid-19 lockdowns, while earlier regulatory crackdowns scared many crypto start-ups away.