Coinbase is reportedly in advanced discussions to acquire CoinDCX, one of India’s leading cryptocurrency exchanges. This move could mark a significant re-entry for the U.S.-based exchange into the Indian market, which it had previously pulled back from due to regulatory hurdles.
The potential deal is said to be valued at under $1 billion, a sharp decline from CoinDCX’s peak valuation during the last crypto bull market. While the final terms are still under negotiation, insiders say the acquisition could position Coinbase to tap into India’s growing digital asset user base once again.
Coinbase Secures FIU License Amid Global Expansion
Coinbase recently obtained a license from India’s Financial Intelligence Unit (FIU), signaling a renewed focus on India just two years after its 2022 launch was halted due to regulatory pushback. This license enables Coinbase to legally operate within the country, giving it a critical edge in a market that has historically been challenging for international crypto platforms.
The possible acquisition of CoinDCX aligns with Coinbase’s aggressive M&A strategy. In recent months, the exchange has made several notable purchases, including:
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Deribit – a $2.9 billion acquisition of the leading crypto options platform
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Liquifi, Spindl, and Iron Fish – all aimed at strengthening Coinbase’s infrastructure and Web3 capabilities
CEO Brian Armstrong has emphasized that the company remains open to more strategic acquisitions and is willing to invest heavily when the right opportunity arises.
CoinDCX Still Recovering From $44M Security Breach
CoinDCX is currently navigating the aftermath of a $44 million security breach, which affected its internal liquidity wallet. CEO Sumit Gupta confirmed that no customer funds were compromised, as those assets are stored securely in cold wallets.
The exchange plans to cover the loss using funds from its treasury and has already implemented enhanced security protocols to prevent similar incidents in the future. Despite the setback, CoinDCX remains one of the most trusted names in India’s crypto space.
