Trading Volume on WazirX Sinks 76% during Jan-Nov

Crypto exchange WazirX said it recorded a 76% fall in users’ trading volumes from the start of 2022 to November 30, in what has been a brutal year for digital assets. In January-November 2021, the exchange had clocked $43 billion in trade volumes.

In its year-end report for 2022, WazirX said: “After five years of consistent efforts to provide easy crypto access to users, we witnessed market sentiments reaching an alarming low. This was in contrast to the positive sentiment we saw in the last few years, especially in 2021, when crypto saw its best bull run ever”.

In India, the crypto industry faced regulatory uncertainty. WazirX noted in its report that the country was “still on the brink of an uncertain future when it comes to crypto, with no regulations to protect users in case of massive losses in the portfolio or bad actors who run fraudulent businesses to trap vulnerable investors”. WazirX said following the imposition of taxes on virtual digital assets, investors started pulling out because their gains “would not be for them to keep, resulting in an unfavourable situation”.

“This factor also significantly affected our trading volumes and other market players’ volumes. Starting tax came into effect, we saw a drastic decrease in the number of trades per day as compared to last year or even the previous month,” the report noted. S-ET

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