India’s antitrust watchdog has approved Coinbase’s investment in local crypto exchange CoinDCX, further bolstering the U.S. exchange’s push to expand its presence in the country.
The Competition Commission of India said in a notice on Tuesday that it has approved a proposed transaction involving Coinbase Global Inc.’s acquisition of a minority stake in DCX Global Limited.
“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,” Coinbase Chief Legal Officer Paul Grewal said in a Wednesday post on X.
Coinbase announced in October that it was investing in CoinDCX to scale its presence in India and the Middle East. The company did not disclose the size of the investment, though CoinDCX has said the deal valued the exchange at $2.45 billion.
The exchange made the announcement a few months after CoinDCX was hit by a $44 million hack after attackers posing as recruiters tricked a software engineer into installing malware on a company laptop.
Coinbase said back in October that CoinDCX is a “high-growth, financially sound business built for scale.”
The CCI’s approval adds to Coinbase’s efforts to expand in India. Earlier this month, TechCrunch reported that the company reopened its app and resumed onboarding users in the country after more than two years, returning to a market it had previously exited due to regulatory hurdles.
India continues to see vibrant crypto activity. It ranked first in global crypto adoption for the third consecutive year, ahead of the U.S., Pakistan, the Philippines and Brazil, according to an October report from TRM Labs.
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