Coinbase’s move to deepen its reach in the Indian crypto market has received regulatory approval from local authorities. The US-based cryptocurrency exchange now holds a minority stake in CoinDCX, wrapping up a year-long acquisition process.
Indian Authorities Clear Coinbase’s Investment In CoinDCX
The Competition Commission of India has approved Coinbase’s acquisition of a minority stake in local cryptocurrency exchange CoinDCX after a year-long process. According to a notice, the antitrust watchdog confirmed that Coinbase and CoinDCX have met all regulatory requirements under Indian law, greenlighting the acquisition.
Following the approval, Coinbase Global will hold a minority shareholding in DCX Global Limited, the parent company of CoinDCX. While Coinbase did not give exact figures, CoinDCX disclosed that the deal valued the exchange at nearly $2.5 billion.
Coinbase Chief Legal Officer Paul Grewal hailed the approval as an “important regulatory milestone” for the US-based exchange in its quest to expand its global reach. CoinDCX holds a sizable market share in India and Southeast Asia with growing footprints in the Middle East and North Africa (MENA).
“We appreciate the Competition Commission of India approval of our proposal to acquire a minority stake in CoinDCX, marking an important regulatory milestone and deepening Coinbase’s long-term partnership with one of India’s most established and trusted digital asset platforms,” said Grewal in an X post.
Coinbase first announced its intention to purchase a minority stake in CoinDCX in October. Previously, the Indian exchange had refuted claims of an imminent Coinbase acquisition before confirming the receipt of an offer from the US-based exchange.
Barely weeks after Coinbase signaled its acquisition intent, the exchange suffered a jarring hack, losing nearly $44 million in the process. Pundits say the hack may have put a dent in Coinbase’s acquisition plans amid heightened regulatory scrutiny.
Coinbase’s Tango With India
Coinbase has had a storied history with India, having first set up shop in the country in 2022. An attempt to integrate with India’s UPI payments system triggered a strong regulatory pushback, forcing the exchange to close its operations in 2023.
By early 2025, Coinbase threw its hat in the ring again, registering with India’s Financial Intelligence Unit (FIU) in compliance with local anti-money laundering rules. At the moment, the US exchange has reopened user registrations in India after two years offline amid plans to introduce rupee on-ramps and fiat trading in 2026.