Coinbase Gains India Approval for CoinDCX Stake, Valuing Exchange at $2.45B

The Competition Commission of India (CCI) approved Coinbase’s acquisition of a minority stake in DCX Global Limited, the parent company of Indian crypto exchange CoinDCX, on Wednesday. While the exact size of Coinbase’s investment remains undisclosed, the transaction values CoinDCX at $2.45 billion. This approval follows Coinbase’s initial investment in CoinDCX in 2020 and represents a deepening of the U.S. exchange’s commitment to the Indian market. The regulatory clearance comes after Coinbase revealed the deal in mid-October, capping what CoinDCX CEO Sumit Gupta described as a ‘turbulent year’ for the exchange.

Gupta emphasized the significance of the CCI approval, stating it ‘strengthens confidence among global VASPs evaluating India as a market.’ He framed Coinbase’s decision to infuse more capital as ‘a strong validation of CoinDCX’s long-term vision and responsible growth strategy.’ The approval arrives as Coinbase prepares a fuller return to operations in India, having recently reopened user registrations after more than two years to allow crypto-to-crypto trades.

The regulatory milestone follows a period of significant challenges for CoinDCX, which earlier absorbed a $44.2 million attack on one of its wallets. At the time of that security incident, Gupta had dismissed rumors that Coinbase was in talks to acquire CoinDCX, insisting the exchange was ‘not up for sale.’ The CCI’s approval now provides a vote of confidence in both companies’ governance structures and their ability to operate within India’s regulatory framework.

CA Sonu Jain, chief risk and compliance officer at 9Point Capital, noted the broader implications of the clearance: ‘While tax and operational compliance challenges remain, CCI’s clearance shows that India is open to foreign participation in crypto infrastructure provided governance, ownership, and control structures are transparent.’ This perspective highlights how the approval addresses concerns about foreign investment in India’s crypto sector while acknowledging ongoing hurdles like the country’s crypto tax regime.

Coinbase’s renewed push into India extends beyond this investment. According to John O’Loghlen, Coinbase’s Asia-Pacific director, the exchange plans to introduce a rupee on-ramp in 2026, which would enable direct fiat-to-crypto transactions using Indian currency. This development is crucial for expanding accessibility and liquidity in the local market, complementing the recent reopening of user registrations for crypto-to-crypto trading.

The combination of regulatory approval, strategic investment, and planned product launches signals Coinbase’s methodical approach to building its presence in India. Gupta’s characterization of the CCI approval as unlocking ‘access to global capital’ suggests this move could pave the way for further international investment in India’s crypto infrastructure. As both companies move forward, their collaboration through this stake acquisition positions them to navigate India’s evolving regulatory landscape while capitalizing on the market’s growth potential.