India's anti-monopoly agency approves! Coinbase is authorized to acquire a minority stake in CoinDCX

The largest Crypto exchange in the US, Coinbase, has achieved a key milestone in expanding into the Indian market.

India’s anti-monopoly regulator, the Competition Commission of India (CCI), announced on Tuesday that it has officially approved Coinbase Global Inc.'s acquisition of a minority stake in the local Indian Crypto exchange CoinDCX, clearing the final regulatory hurdle for this investment and further solidifying Coinbase’s strategic focus on the Indian market.

Coinbase Chief Legal Officer Paul Grewal posted on social platform X that this approval is not only an important regulatory milestone but also deepens the strategic partnership between Coinbase and India’s most trusted platform.

In October this year, Coinbase announced an investment in CoinDCX to expand its business in India and the Middle East. Although the specific shareholding ratio and amount were not disclosed, previous funding information for CoinDCX indicated that this deal valued the platform at $2.45 billion.

It is worth noting that several months before this investment was announced, CoinDCX experienced a hacking incident. Hackers disguised themselves as headhunting firms and tricked a CoinDCX software engineer into installing malicious software on the company’s laptop, resulting in the theft of assets worth $44 million.

Despite facing negative publicity, Coinbase continued to support CoinDCX in a statement in October, praising it as “a company born for scaling, financially sound, and high-growth.”

The regulator’s approval also provides an additional boost for Coinbase’s re-entry into the Indian market. According to an earlier report by TechCrunch this month, Coinbase has reopened its app in India after more than two years and resumed allowing Indian users to register and open accounts, officially returning to a market from which it had previously exited due to regulatory obstacles.

According to a report released by TRM Labs in October, India has ranked first in global crypto adoption for three consecutive years, significantly leading the US, Pakistan, and the Philippines.

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