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India’s antitrust regulator has approved Coinbase’s minority investment in CoinDCX, clearing a key regulatory step as the U.S. exchange rebuilds its presence in the country. The Competition Commission of India confirmed Coinbase Global Inc.’s proposed acquisition of a minority stake in DCX Global Limited, the operator of CoinDCX.
Coinbase made the announcement on Wednesday, calling it an important regulatory milestone that strengthens its long-term partnership with one of India’s largest digital asset platforms. The approval follows Coinbase’s October announcement that it would invest in CoinDCX to expand operations in India and the Middle East. CoinDCX said the deal valued the exchange at $2.45 billion.
The investment comes as Coinbase resumes activity in a market it exited after regulatory and payment challenges forced a shutdown of local services in 2023.
The Competition Commission of India issued the approval notice on Tuesday, clearing the transaction without disclosing further conditions tied to the minority acquisition. Coinbase Chief Legal Officer Paul Grewal said the approval deepens collaboration with CoinDCX and reflects Coinbase’s commitment to India’s digital asset ecosystem.
Coinbase did not reveal the investment size, though CoinDCX previously confirmed the deal valuation in its October disclosure. The announcement followed a difficult period for CoinDCX after a $44 million hack earlier this year. Attackers targeted an employee through a fake recruitment attempt.
Despite the breach, CoinDCX continued operations, and the investment proceeded months later as Coinbase assessed long-term market potential. The approval now allows both companies to advance plans within India’s regulated framework while maintaining separate operational control.
Coinbase reopened its app for user registration in India after more than two years away from the market, allowing consumers to complete crypto-to-crypto trades. At India Blockchain Week, Coinbase APAC director John O’Loghlen said the exchange plans to add a fiat on-ramp in 2026. The feature would allow users to buy crypto with local funds.
Coinbase first entered India in 2022 but suspended support for the UPI payment network within days. The NPCI declined to recognize Coinbase’s presence at the time. Later in 2023, Coinbase ceased all operations in India and asked users to close their accounts, citing concerns about regulatory clarity and operational constraints.
O’Loghlen said Coinbase deliberately off-boarded Indian users to create a clean slate before rebuilding operations under local oversight. The company then began engaging India’s Financial Intelligence Unit and completed registration with the agency earlier this year.
Following FIU registration, Coinbase began onboarding users through early access in October. The app now supports full public onboarding nationwide. On the infrastructure side, Coinbase plans to offer custom stablecoins backed by USDC. The service would let companies issue branded digital dollars within products.
Coinbase also launched Coinbase Tokenize, which bundles issuance, custody, compliance, and trading for institutions moving traditional assets on-chain. These initiatives align with India’s growing digital economy, which continues to attract global technology firms seeking access to a large online population.
Crypto companies face stricter conditions, including taxation and regulatory oversight, which have slowed expansion compared with social and AI platforms. Yet India ranked first in global crypto adoption for a third consecutive year, according to an October report from TRM Labs—will regulatory clarity now reshape institutional confidence?
Also Read: Standard Chartered and Coinbase Expand Global Institutional Crypto Partnership
Coinbase has secured antitrust approval for a minority stake in CoinDCX, clearing a key regulatory hurdle in India. The move supports Coinbase’s return after a two-year pause, aligns with FIU registration, and sets the stage for future product expansion as crypto adoption in India remains strong.
