Amidst India’s Cryptocurrency Scrutiny, WazirX Volumes Take a Sharp Plunge
![Ledger Crypto Wallet Hack 1](https://techgroundnews.com/wp-content/uploads/sites/4/2023/12/ledger-crypto-wallet-hack-1-768x457.jpg)
The trading volume at top Indian crypto exchange WazirX fell to $1 billion in 2023 as the platform faced intensifying regulatory pressure in its home market alongside a broader slump for digital asset prices — and equities — globally.
WazirX, which has had a dispute with Binance over the Indian firm’s ownership, put a positive gloss on the latest figures, touting the $1 billion trading tally in a public statement Tuesday.
The 97% plunge in trading volume comes as WazirX faces mounting regulatory pressures from Indian authorities that have left the country’s once-burgeoning crypto sector fighting for survival.
India began taxing virtual currencies last year, levying a 30% tax on the gains and a 1% deduction on each crypto transaction.
India’s intensifying regulatory crackdown on cryptocurrencies has cast a chill over local investors once eager to back the country’s crypto startups.