Post WazirX Hack Crypto Faces An Image Problem In India, Admits CoinDCX CEO Sumit Gupta

The WazirX hack, which noticed the notorious North Korean Lazarus Group steal $235 million from the crypto alternate, notably affected the emotions of the Indian crypto buyers. Submit the hack, customers migrated to extra trusted platforms.

In an interview revealed on 5 Might 2025, Sumit Gupta, the CEO of CoinDCX, a crypto alternate primarily based in India, mentioned the present state of the Indian crypto panorama. He famous that the Indian market has considerably matured, with greater than 1.6 crore (16 million) Indians actively utilizing platforms much like CoinDCX for his or her each day cryptocurrency transactions.

Importantly, platforms that adhered to stringent Know Your Buyer (KYC) and anti-money laundering (AML) insurance policies grew to become most popular decisions for buyers to park their funds. CoinDCX, too, Gupta mentioned, noticed a surge in consumer registrations, elevated pockets deposits, and KYC completions that indicated lively migration to the platform.

Gupta, within the interview, acknowledged that though crypto nonetheless faces a picture drawback, latest developments have achieved a lot to construct belief. With nations just like the US and Europe adopting a structured method in the direction of crypto, the business has seen regulatory uncertainty being addressed to foster progress and innovation.

Apparently, the Supreme Court docket of India on Monday labelled Bitcoin buying and selling within the nation as a extra refined model of “Hawala”, an off-the-cuff and infrequently unlawful cash switch system.

The apex court docket criticised the federal government for delaying the institution of a regulated framework, as an identical case was offered two years in the past, prompting the court docket to ask for a coverage clarification, however it acquired no response in return.

The Supreme Court docket’s remarks have been made throughout a bail listening to for Shailesh Babulal Bhatt, who was arrested for unlawful Bitcoin buying and selling and has been in custody since 2023. His legal professionals, nevertheless, argued that the Supreme Court docket had struck down the Reserve Financial institution of India’s round proscribing cryptocurrency transactions.

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CoinDCX Skilled 12% Development In Person Base Over Final Six Months

He mentioned that CoinDCX itself has skilled a 12% progress in its consumer base over the past six months, with a sizeable chunk of this surge coming from fairness merchants. Gupta highlighted that the crypto market’s excessive volatility and potential returns appeal to these customers versus conventional investments.

Over the previous six months, CoinDCX has seen a stable improve in its consumer base, although its spot buying and selling quantity has skilled some fluctuations. The corporate’s buying and selling quantity climbed steeply from 216 million in October to 794 million in November, reaching $995 million in December 2024, though, the numbers dipped considerably in February and March 2025, recording $483 million and $388 million, respectively.

CoinDCX indicated a cooling pattern in buying and selling momentum after a robust finish to 2024.

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Market Uncertainty Brought on By Geopolitical Tensions

Gupta acknowledged the numbers revealed within the World Crypto Adoption Index by Chainalysis, which ranked India because the main nation for the final two consecutive years, on the subject of grassroots adoption of crypto, reflecting crypto’s widespread acceptance and potential within the nation.

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Gupta identified that 75% of the crypto buyers primarily based in India are underneath the age of 35, confirming an enthusiasm for this asset class among the many youthful era.

Nevertheless, Gupta emphasised that market uncertainty attributable to geopolitical tensions, living proof, the just lately introduced US tariffs, additionally impacts investor sentiments in India. Choices taken within the US and Europe that form the worldwide crypto market dynamics additionally impression home buying and selling volumes and liquidity.

He acknowledged in his interview {that a} international shift in the direction of a transparent crypto regulatory framework and institutional adoption of the asset class can increase the Indian crypto market.

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