---
title: "Indian' s crypto platform WazirX witnessed 90% dip due to fault of regulatory delay"  
description: "Indian' s crypto platform WazirX witnessed 90% dip due to fault of regulatory delay"  
author: "Saumya Mishra"  
published: 2023-12-21  
updated: 2023-12-21  
canonical: https://www.mindstick.com/news/3653/indian-s-crypto-platform-wazirx-witnessed-90-dip-due-to-fault-of-regulatory-delay  
category: "technology"  
tags: ["india", "cryptocurrency"]  
reading_time: 2 minutes  

---

# Indian' s crypto platform WazirX witnessed 90% dip due to fault of regulatory delay

- **Sharp Decline:** WazirX trading volume nosedives 90% in 2023, reflecting industry struggles and Indian regulatory ambiguities.
- **Bitcoin Reigns Supreme:** BTC, SHIB, XRP, ETH, and MATIC top the charts among Indian crypto traders on WazirX.
- **Women Leading the Pack:** Young female traders (21-40 years) drive 83% of women's total trading volume on the platform.

India's leading [crypto exchange](https://www.mindstick.com/articles/249199/top-notch-p2p-exchange-development-company), WazirX, witnessed a dramatic **90% decline** in trading volume in 2023, plummeting from **$10 billion** in 2022 to a mere **$1 billion**. This stark slump reflects the broader struggles of the [cryptocurrency market](https://answers.mindstick.com/qa/110507/what-s-the-maximum-recent-update-on-cryptocurrency-market) and uncertainties surrounding [regulatory frameworks](https://www.mindstick.com/forum/158113/what-are-regulatory-frameworks-and-guidelines-governing-the-development-and-use-of-nanotechnology) in India.

**Trading Slump and Regulatory Woes:** While WazirX remains tight-lipped about specific reasons for the volume decline, competitor [**CoinDCX**](https://www.mindstick.com/news/2793/sridhar-govardhan-joins-coindcx-to-oversee-cybersecurity-readiness-as-ciso) blames India's heavy crypto tax regime. The [Indian government](https://yourviews.mindstick.com/view/84685/why-indian-government-should-ban-madarsa-to-trained-jihadis) is still finalizing [crypto regulations](https://answers.mindstick.com/qa/114635/how-are-crypto-regulations-tightening-post-ftx-collapse-and-binance-settlement), potentially taking until mid-2025.

**Trading Patterns Revealed:** Despite the slump, WazirX offers insights into India's 2023 crypto trends:

**Popular Coins:** Bitcoin, Shiba Inu, Ripple, Ethereum, and Polygon top the charts.

**Age Demographics:** Young adults (21-40 years) dominate both male and female trading, with women comprising **22%** of the total volume.

**Geographical Breakdown:** Uttar Pradesh, Tamil Nadu, Maharashtra, Gujarat, and Haryana house the most traders, while Tamil Nadu, Uttar Pradesh, Maharashtra, West Bengal, and Haryana see the highest volumes.

**Future Outlook:** WazirX **VP Rajagopal Menon** remains optimistic, foreseeing [**blockchain**](https://www.mindstick.com/services/blockchain-technology) integration in diverse sectors like supply [chain management](https://www.mindstick.com/articles/23184/how-blockchain-is-helping-supply-chain-management), healthcare, and digital identity. He further predicts revolutionized Web3 [user experiences](https://answers.mindstick.com/qa/99898/how-does-augmented-reality-enhance-user-experiences-in-various-fields-such-as-gaming-and-education) and a potential bull market post-Bitcoin halving.

**Industry-wide Impact:** CoinDCX and CoinSwitch also report decreased trading volumes and user queries, highlighting the impact of regulatory uncertainty on Indian crypto businesses.

![Indian' s crypto platform WazirX witnessed 90% dip due to fault of regulatory delay](https://www.mindstick.com/usernews/655071/ed583f58-3dc8-4696-b9e8-5028bfcf6804/images/dcb09b06-a9f8-4600-9907-a8207b2135c4.jpg)

This [news](https://www.mindstick.com/developersection/news) paints a clear picture of the Indian crypto market's current struggles and highlights the crucial role upcoming regulations will play in shaping its future. While challenges remain, WazirX and other players express optimism about blockchain's potential and a possible market upturn shortly.

---

Original Source: https://www.mindstick.com/news/3653/indian-s-crypto-platform-wazirx-witnessed-90-dip-due-to-fault-of-regulatory-delay

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