Crypto exchange WazirX has reported a significant surge in trading volume, reaching over $400 million in March 2024. This marks the platform’s highest trading volume to date, underscoring its growing prominence in the Indian crypto market. The exchange also saw a notable increase in new user registrations, which grew by 122% in the second half of 2023.

In its latest Transparency Report for the period of October 2023 to March 2024, WazirX revealed that trading volumes had risen by 217% compared to the previous six months. Along with the increase in trading activity, the company expanded its offerings by adding 16 new tokens and 30 new trading pairs to cater to the growing demand.

The surge in trading volumes follows a strong uptick in new sign-ups during December 2023, which was the month WazirX recorded its highest-ever sign-up rates. The exchange has continued to make strides in securing its platform, responding to over 1,700 requests from law enforcement agencies, both domestic and international. Notably, WazirX achieved an impressive turnaround time of just 22 minutes in addressing these law enforcement requests.

Rajagopal Menon, Vice President of WazirX, highlighted the exchange’s commitment to protecting users while driving innovation in India’s virtual digital asset (VDA) ecosystem. “At WazirX, we are dedicated to protecting users while fostering innovation. Through proactive collaboration with regulators, law enforcement agencies, industry bodies, and other stakeholders, we are paving the way for positive regulations that can unlock the transformative potential of blockchain and crypto technologies across sectors,” he said.

Looking ahead, WazirX plans to focus on enhancing security protocols, engaging with policymakers to shape a robust regulatory framework, and promoting crypto literacy among Indian users. As the Indian crypto market continues to gain momentum, with local exchanges experiencing record trading volumes and registrations, the halving of Bitcoin earlier this year further solidified the industry’s positive outlook. 

The surge in WazirX’s trading volume highlights the growing interest in cryptocurrency in India, despite the regulatory challenges faced by the sector.