Cryptocurrency exchange CoinDCX is experiencing another round of management exit. Multiple senior executives are set to leave the company, according to two sources with knowledge of the situation.
- CoinDCX faces management exodus as senior executives including CTO, Head of Finance, and Head of Legal resign amid restructuring.
- India's largest cryptocurrency exchange CoinDCX begins fresh layoff round amid declining trading volumes and compliance pressures.
- CoinDCX expands to MENA region via BitOasis while aiming to generate 30 percent of revenue outside India under Sumit Gupta’s leadership.
CoinDCX has also begun another round of layoffs but the number of affected employees is unclear. In August 2023, the Bengaluru-based firm laid off roughly 12 percent of its employees, or about 70 people.
According to sources, the changes are happening as CoinDCX is continuing to combat declining trading volumes and an increased compliance headache.
CoinDCX, which is seven years old, claims to be India's leading crypto trading platform with more than 15 million registered users. The company has started operations in Bahrain through its subsidiary BitOasis as it expanded into the MENA region and, under the leadership of Sumit Gupta, aims to generate more than 30 percent of its revenue from the market.
CoinDCX turned unicorn in August 2021, when the firm raised $90 million in a Series C round. The company subsequently raised another $135 million in April 2022 to jump past a $2 billion valuation. This was the last external funding round CoinDCX raised in three years, never able to return to a market that has dissolved to a structural, compliance, and regulatory risks.
Crypto platforms in India have faced regulatory scrutiny, given the absence of a regulatory framework for the sector. In the past, the Enforcement Directorate has summoned several cryptocurrency firms, including CoinDCX, as part of its investigation into violations of the Foreign Exchange Management Act (FEMA).
Also Read: REITs in India: From Regulatory Reforms to Financial Performance
“CoinDCX’s Chief Technology Officer (CTO), Head of Finance, and Head of Legal are exiting the company as part of broader structural changes aimed at streamlining operations and cutting costs,” said a source requesting anonymity.
Confirming the top level exits, a CoinDCX spokesperson said, "We are ramping up our teams and strengthening our leadership bench across key functions. We currently have over 100 open positions, including new senior leadership roles such as CFO and General Counsel. Our business has scaled significantly across geographies, and we expect this momentum to continue as the crypto industry gains broader recognition”.
