WazirX, India’s largest cryptocurrency exchange, announced its collaboration with TRM Labs, a leading blockchain analytics provider. This will help to enhance anti-money laundering and anti-fraud measures for transactions conducted on the WazirX platform.

TRM Labs provides a full-service platform for crypto compliance and risk management, including tools for wallet screening, transaction monitoring, and investigations. TRM’s monitoring capability spans 360,000+ digital assets, including BEP-20 tokens (Binance Smart Chain), ERC-20 tokens (Ethereum), Dogecoin, Cardano, and many more, representing the most extensive asset coverage in the industry.

The partnership comes as crypto usage and demand surges in India, with trading volumes increasing significantly following recent clarification on the access of banking services to cryptocurrency businesses in India.

Indian authorities have previously expressed concern that crypto assets could be used for criminal activity such as money laundering and funding terrorism. This signaled the importance for exchanges like WazirX to demonstrate a robust capability to detect and prevent illicit activity from occurring on its platform.