On December 16, 2025, India’s competition authority, the Competition Commission of India (CCI), approved the proposed acquisition of a minority shareholding in DCX Global Ltd by Coinbase Global, Inc. The approval clears a key regulatory step in the transaction announced by Coinbase in October 2025, under which the US-based crypto exchange agreed to invest in the company behind CoinDCX.
The CCI’s order states that the deal involves Coinbase acquiring a non-controlling minority equity stake in DCX Global, the Mauritius-incorporated entity that owns the technology, brand, and intellectual property of CoinDCX’s business. Coinbase operates crypto trading platforms in more than 100 jurisdictions and only recently commenced formal operations in India. DCX Global’s Indian crypto exchange is run by a separate operating company, Neblio Technologies Pvt. Ltd.
Coinbase first committed capital to CoinDCX through its venture arm, Coinbase Ventures, in earlier funding rounds. Subsequently, in October 2025, Coinbase disclosed a new investment that valued CoinDCX at about $2.45 billion, subject to regulatory approval.
CoinDCX was founded in 2018 by Neeraj Khandelwal and Sumit Gupta and has grown into one of India’s largest cryptocurrency trading platforms, with millions of registered users.
A Look At CoinDCX’s Financials
For the financial year ending March 2025 (FY25), CoinDCX reported changes across key financial metrics. The exchange recorded operating revenue of Rs 559.6 crore, up 43% from Rs 391.8 crore in FY24. Including other income of Rs 12.3 crore, total revenue reached Rs 571.9 crore in FY25.
During the same period, total expenses increased to Rs 550.2 crore, a 48% rise from the previous year. As a result, CoinDCX posted a net profit of Rs 1.7 crore, compared with Rs 1.5 crore in FY24, representing a 15% increase in profit after tax.
In addition to financial figures, operational metrics showed sustained activity on the platform. CoinDCX reported trading volume of Rs 51,333 crore in FY25, according to its annual report released in December 2025. Institutional client onboarding grew by more than 35% year-on-year, and the monthly average trading volume stood at about Rs 4,277.75 crore.
On a user scale, the exchange’s registered user base exceeded 20 million as of late 2025, reflecting ongoing adoption across India and beyond. The platform also lists more than 500 crypto assets for trading and has reported quarterly trading volumes of over Rs 2.4 lakh crore.
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Rs 368 Crore Hack in 2025
In July 2025, CoinDCX disclosed that it had lost approximately Rs 368 crore in a security breach affecting one of its internal operational accounts. The company’s co-founder and CEO, Sumit Gupta, described the incident as a “sophisticated security breach” that completely drained funds from an internal wallet used for liquidity provisioning on a partner exchange.
Gupta stated that no customer funds were impacted, as wallets containing customer assets were segregated and remained unaffected. The company said it worked with the partner exchange to block and recover assets and planned to introduce a bug bounty programme.
Independent blockchain investigator ZachXBT flagged unusual activity around 17 hours after the breach, reporting that the attacker moved the stolen funds through Tornado Cash, a mixing service commonly used to obscure transaction trails. He also identified the attacker’s addresses associated with the transactions involving the stolen assets.
CoinDCX’s breach followed the WazirX hack in July 2024, the first major crypto exchange breach in India. Attackers stole over $230 million from a WazirX multisignature wallet, forcing the exchange to halt withdrawals and triggering prolonged recovery and restructuring efforts.
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