India’s fair-trade regulator, the Competition Commission of India (CCI), has formally approved a proposal by U.S. cryptocurrency giant Coinbase to acquire a minority stake in DCX Global Limited, the parent company of India’s leading exchange, CoinDCX. The approval, announced Tuesday, marks a significant regulatory milestone for Coinbase as it seeks to solidify its footprint in one of the world’s most populous digital asset markets.
While Coinbase has been a backer of CoinDCX since its Series A round in 2020, this latest capital infusion signals a major strategic shift. The deal reportedly values CoinDCX at approximately $2.45 billion post-money, reinforcing its status as a dominant player in the South Asian ecosystem.
The move comes just one week after Coinbase resumed user registrations in India following a two-year operational hiatus. According to John O’Loghlen, Coinbase’s Asia-Pacific director, the exchange plans to complement its current crypto-to-crypto offerings by rolling out a direct rupee (INR) on-ramp by 2026.
The investment provides a significant boost for CoinDCX following a high-profile security challenge earlier this year. In July 2025, the exchange disclosed a $44.2 million exploit targeting an internal hot wallet. However, the company successfully shielded its users from the fallout, noting that customer funds remained unaffected and were fully backed by the firm’s treasury.
India remains a notoriously difficult market for crypto firms, characterized by a 30% tax on gains and a 1% Tax Deducted at Source (TDS) on all transactions.
Industry analysts suggest that the CCI’s approval of a high-profile foreign investment indicates a growing willingness among Indian policymakers to integrate global players into the local digital asset economy, provided they operate under strict domestic oversight.
