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CoinDCX — India's largest CEX / FIU-IND PMLA registered overview

Confidence: Likely Updated 2026-05-25 Review by 2027-05-25 Sources 6 Machine-translated Original (JA)
#exchanges#cex#india#inr-spot#fiu-ind#pmla
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This entry sits under exchanges index. Read it against WazirX for the closest India peer / contrast context, global CEX top 10 comparison for the broader global benchmark, and global VASP regulatory comparison for the regulatory boundary view.

Established 2018-04 · one of the 1 largest in the India spot market · backed by B Capital / Pantera · FIU-IND PMLA registered reporting entity · became a Unicorn in 2022-04 (valuation approx. $2.15B)

1. Entity / shareholders

  • Trade name: Neblio Technologies Private Limited (brand name CoinDCX)
  • Established: 2018-04
  • Head office location: Mumbai, Maharashtra, India
  • Founders: Sumit Gupta (CEO), Neeraj Khandelwal (CTO)
  • Major shareholders / funding rounds:
    • Bain Capital Ventures — Series A
    • B Capital Group (co-founded by Eduardo Saverin) — Series B / Series C / Series D in succession
    • Pantera Capital — Series A / Series B
    • Polychain Capital — early investment
    • Coinbase Ventures — strategic investment
    • Block.one — Series A-period investment
    • Jump Crypto — Series D investment
    • Kingsway Capital — Series D
    • Steadview Capital — Series D
  • 2022-04 Series D funding: at $135M, $2.15B valuation, becoming India’s crypto industry’s first Unicorn
  • IPO consideration: no direct announcement, but a future option depending on the development of India’s SEBI framework

2. Registration / licensing status (India framework)

  • FIU-IND (Financial Intelligence Unit – India) registration: formally registered in 2024 年 as a PMLA (Prevention of Money Laundering Act, 2002) reporting entity
    • Registration following the Indian government extending the PMLA in 2023-03 and designating VASPs as reporting entities
    • The first full-scale application of AML/CFT regulation to domestic VDA (Virtual Digital Asset) platforms
  • GST registration: 18% GST levied on transaction fees
  • 1% TDS (Tax Deducted at Source): enforced 2022-07-01, withheld at source on all VDA transactions (India residents)
  • 30% capital gains taxation: a flat 30% tax on VDA disposal gains (enforced 2022-04 , no loss offset allowed)
  • RBI / SEBI: as of 2026 年, no direct VASP authorization framework is in place (FIU-IND registration is the de facto highest-tier license)

3. Supported assets

  • INR spot market (legal as a PMLA reporting entity)
  • Number of supported listings: 500+ (in addition to major names such as BTC / ETH / SOL / XRP / MATIC / ADA / DOGE, it is one of the 1 main trading venues for the India-origin project Polygon (MATIC))
  • USDT / USDC market co-located
  • Two-app parallel structure of CoinDCX Pro / CoinDCX Go (UX separation for professional and retail users)

4. Scope of business

  • Spot trading (centered on INR pairs)
  • Derivatives: futures trading (offered via offshore as CoinDCX International; scaled back for India-domestic users due to regulatory risk)
  • staking: limited service (DCX Earn products)
  • Fiat deposits: via India-domestic bank accounts (IMPS / UPI / NEFT). The UPI route is intermittently restricted depending on banks’ stance toward crypto
  • B2B / institutional: DCX Insurance, custody via CoinDCX Custody (partly for institutional clients)

5. Market share / trading volume

  • India spot market share: one corner of the duopoly alongside WazirX; effectively the largest domestic player since the 2024-07 WazirX Liminal hack
  • 24h volume: $50–500M (combined India-domestic market and international-version basis; exceeded $1B at peak)
  • User count: over 1,500 万 (official disclosure basis)
  • Global CEX ranking: within the top 30–50 range

6. History / major events

PeriodItem
2018-04CoinDCX established (co-founded by Sumit Gupta / Neeraj Khandelwal)
2018RBI’s circular banning crypto banking services (later ruled unconstitutional by the Supreme Court, 2020-03)
2020-03India Supreme Court rules RBI circular unconstitutional; crypto industry revitalized
2020Bain Capital Ventures leads Series A
2021-08B Capital leads Series C; valuation approaches $1B
2022-04Series D $135M, $2.15B valuation, India’s crypto industry’s first Unicorn
2022-07India 1% TDS / 30% capital gains taxation enforced; market sharply contracts
2023-03Indian government extends PMLA to VDAs; FIU-IND reporting entity framework begins
2024FIU-IND PMLA registration completed
2024-07[[exchanges/cex-wazirx-india
2024–2026Global expansion (CoinDCX International); operates a Web3 fund (CoinDCX Ventures)

7. Strategic developments

  • Regulatory-dialogue strategy: continuous dialogue with the Indian government (Ministry of Finance / FIU-IND / RBI / SEBI), advancing regulatory development as a key member of the industry body Bharat Web3 Association (BWA)
  • Trust benefit after the WazirX hack: since the 2024-07 WazirX $235M Liminal hack, it has strengthened proof-of-reserves disclosure and foregrounded its insurance / guarantee framework to consolidate the domestic #1 position
  • CoinDCX Ventures: an investment fund for Web3 / India-origin Web3 projects; an ecosystem-expansion strategy
  • International expansion: futures / leveraged trading via CoinDCX International (offshore entity), though provision to India-domestic users is under regulatory-risk management
  • 1% TDS handling: implemented automatic calculation / reporting systems for India’s unique withholding framework, countering customer outflow to overseas CEXs (the offshore arms of Bybit / Bitget, etc.)
  • proof-of-reserves: appeals to transparency via periodic PoR disclosure, in line with global CEX best practice

8. Position within the industry

CoinDCX, as one of the **largest CEXs of 1 ** in India’s crypto market, leads the Indian industry on the 3 fronts of FIU-IND registration + institutional-investor funding + Unicorn valuation. Globally it does not reach top 10, but in the India / South Asia region it holds an effectively dominant position.

The structural features of the India market are (a) trading-volume contraction from 1% TDS, (b) the impossibility of loss-offset on 30% capital gains, (c) domestic KYC/AML control from FIU-IND PMLA registration, and (d) the instability of UPI bank access — these largely determine the earnings volatility of domestic CEXs such as WazirX / CoinDCX / ZebPay.

Sources

  • Compilation of public information (CoinDCX official IR / About page, coindcx.com)
  • Compilation of public information (FIU-IND PMLA Reporting Entity registration notice, fiuindia.gov.in)
  • Compilation of public information (B Capital / Pantera Capital / Steadview Capital investment-round announcements)
  • Compilation of public information (Reserve Bank of India / SEBI / Ministry of Finance crypto-related statements / circulars)
  • Compilation of public information (CoinDCX Series D funding 2022-04 Unicorn valuation reporting, TechCrunch / Economic Times)
  • Compilation of public information (India 1% TDS tax framework 2022-07 enforcement-related Indian Express / Economic Times reporting)
  • Compilation of public information (Bharat Web3 Association member list / official statements)
  • Compilation of public information (industry developments after the 2024-07 WazirX Liminal hack, CoinDesk / Decrypt / The Block)