India’s antitrust regulator has approved Coinbase Global Inc.’s proposal to acquire a minority stake in DCX Global Limited, marking a key regulatory milestone for the US-based cryptocurrency exchange’s expanding presence in the Indian market.
The Competition Commission of India (CCI) said it has cleared the proposed combination involving the acquisition of a minority shareholding in DCX Global Limited by Coinbase Global Inc.. Coinbase, which is incorporated in the United States, operates crypto-exchange platforms in more than 100 countries worldwide and has recently commenced operations in India.
DCX Global Limited is incorporated in Mauritius and owns the technology, brand, and related intellectual property of the CoinDCX crypto exchange business in India. The CoinDCX platform itself is operated locally by Neblio Technologies Pvt. Ltd., an India-based entity that runs the exchange’s day-to-day operations.
The CCI approval removes a key regulatory hurdle for the transaction, which was first disclosed in October when Coinbase announced a fresh investment in CoinDCX at a post-money valuation of $2.45 billion. The latest investment builds on Coinbase’s earlier backing of CoinDCX through Coinbase Ventures, its venture capital arm focused on supporting crypto and blockchain startups globally.
Coinbase’s minority investment underscores growing interest among global crypto firms in India’s digital asset market, even as regulatory clarity continues to evolve. India has seen rapid growth in crypto adoption in recent years, driven by retail participation and an expanding developer ecosystem, despite periodic uncertainty around taxation and regulatory oversight.
For CoinDCX, one of India’s largest cryptocurrency exchanges by user base, the investment strengthens its strategic ties with a major global exchange operator. The company has previously said that partnerships with international players could help it enhance product offerings, improve security standards, and expand access to global liquidity.
The CCI did not disclose the size of the stake being acquired or specific conditions attached to the approval. However, the regulator concluded that the proposed combination is unlikely to have an appreciable adverse effect on competition in the relevant market.
With the clearance now in place, Coinbase’s minority stake acquisition is expected to proceed, further deepening its footprint in India’s fast-growing crypto ecosystem.