Exclusive: CoinDCX CTO and Legal Head set to resign

Crypto exchange CoinDCX is facing a fresh round of resignations at the top level, with two senior executives set to exit the company, according to two sources familiar with the matter.

"CoinDCX’s Chief Technology Officer and Head of Legal are exiting as part of a transition, with both expected to leave by the end of June," 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…” 

Seven-year-old CoinDCX claims to be the largest cryptocurrency exchange in India, with more than 15 million registered users. The company recently began operations in Bahrain through its subsidiary BitOasis as part of its expansion into the MENA region. Led by Sumit Gupta, CoinDCX is aiming to generate over 30% of its revenue from this market.

CoinDXC turned unicorn in August 2021 when the firm raised $90 million in Series C round. The company scooped up another $135 million to go past the $2 billion valuation mark in April 2022. However, it has not raised any external funding over the past three years.

Crypto platforms in India have been under scrutiny as the country has yet to establish a regulatory framework for the sector. In the past, the Enforcement Directorate summoned several cryptocurrency firms, including CoinDCX, to investigate potential violations of the Foreign Exchange Management Act (FEMA).

An ET report suggests that India is expected to publish a discussion paper in June to examine potential policy options for crypto assets. The paper will reportedly incorporate insights from a joint report by the International Monetary Fund (IMF) and the Financial Stability Board (FSB).

Update at 8:15 PM: The previous version of the story stated that CoinDCX’s head of finance was also leaving the company; however, the company later denied this. The story and headline have been updated accordingly to reflect this with more information.