The trading volume at Indian crypto exchange WazirX has dropped to $1 billion in 2023, a 90% decrease from 2022 and a 97% decrease from 2021.

The decline is a result of growing regulatory pressures from Indian authorities, including taxes on virtual currencies.

Due to these regulations, many Indian traders have started to use foreign platforms like Binance and Coinbase.

The regulatory crackdown has also deterred venture capital firms from investing in the Indian crypto sector, causing a shift towards other industries.