HomeLegal & RegulationWaizrX partners with TRM Labs to detect crypto fraud

WaizrX partners with TRM Labs to detect crypto fraud

WazirX, India’s largest cryptocurrency exchange has announced a tie-up with TRM Labs, a blockchain intelligence firm, to enhance its capabilities to detect crypto fraud. The announcement comes in at a time when the cryptocurrency exchange is facing increased scrutiny from the Enforcement Directorate and other law enforcement agencies on allegations of facilitating money laundering by its users. In June, Narcotics Control Bureau queried about a user activity who allegedly used cryptocurrency bought from the exchange to purchase narcotics on the dark web. WazirX is owned by Binance which is facing multiple investigations across jurisdictions.

TRM provides services to monitor, detect, and investigate crypto fraud and financial crimes. The company counts Binance, Trusttoken, FalconX among its customers. “Forward-thinking crypto businesses like WazirX recognize that the right risk management tool is an enabler of growth,” TRM Labs CEO Esteban Castano was quoted on the partnership by Economic Times. “Our next-generation platform is designed for customers who need to move quickly to meet consumer demand for new assets while maintaining the highest standard of regulatory compliance and risk management.”

TRM‘s monitoring capability spans more than 300,000 digital assets, including Ethereum, Dogecoin, Cardano, MATIC, Shiba Inu, and others, the company said. Recently, TRM Labs closed a $14 Million Series A funding round led by Bessemer Ventures and venture capital arms of PayPal and Salesforce, Initialized Capital, Jump Capital, Operator Partners, Blockchain Capital, and executives from Google. The existing investors include Y Combinator, Alumni Ventures Group, The MBA Fund, Tapas Capital, SGH Capital. The recent spate of ransomware attacks has placed crypto sleuthing firms in the spotlight and on increased demand. TRM’s larger rival Chainalysis recently closed a $100 million funding round at a $4 billion valuation.

Kumar manages the tech backend at Crypto Vakil. He intends to work at the intersection of law and technology.

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