WazirX Volumes Fall Off A Cliff
Indian crypto exchange WazirX’s trading volume dropped to $1 billion in 2023 due to increased regulatory pressure in the country and a global slump in digital asset prices and equities.
The total volume of cryptocurrencies traded on WazirX’s platform was down 90% compared to 2022, when volumes reached $10 billion, and 97% lower than 2021’s $43 billion.
WazirX, which has a dispute with Binance over ownership, praised the $1 billion trading tally in a public statement.
However, the exchange declined to contextualize the figure by skipping higher levels seen during the crypto fever peak in 2021 or 2022 before the steep sell-off.
The 97% plunge in trading volume comes as India’s crypto sector faces mounting regulatory pressures, including a 30% tax on virtual currencies and a 1% deduction on each crypto transaction.
(With inputs from Shikha Singh)
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