Coindcx Financial News

The $230 million hack on Indian crypto exchange WazirX last month, has alerted CoinDCX to plan ahead in case of such security breach. CoinDCX, India’s leading crypto exchange, has established a $5.9 million fund for customer protection to compensate users during such events.

Bitcoin may be on song, but there’s plenty more keeping fans abuzz in the crypto verse. Over the past month a new cohort of memecoins have been delivering windfall gains to investors. Scripted with generous lashings of community humour these new coins such as X, Dogwifhat, Peanut the Squirrel, Popcat and Goatseus Maximus have crypto investors in thrall following Donald Trump’s ascension as US President Elect and Tesla founder Elon Musk’s consequent rise having triggered an explosion in crypto valuations. Even as Bitcoin is inching closer to the $100,000 mark having surged 49% over the last month, Dogwifhat, the Japanese dog with a hat, touched a market cap of $3.3 billion, making it the 36th ranked coin among 2.4 million currencies. Peanut the Squirrel (PNUT) surged by 2,315% since its launch this month,according to CoinMarketCap, a price-tracking website for cryptocurrencies.

Bitcoin falling below $58,100 and Ethereum dipping below the $2,500 mark. The global cryptocurrency market cap also decreased by 1.9% to approximately $2.01 trillion over the past 24 hours. As of 1:54 pm IST, Bitcoin was trading at $58,027, down nearly 0.5%, while Ethereum had declined by 0.9% to $2,461. Over the past week, Bitcoin has dropped nearly 9%, and fell 10% in August after briefly reaching $64,000 earlier in the month.

WazirX’s recent security breach, which saw the theft of approximately $230 million, the exchange’s decision to distribute the loss among all users has sparked intense criticism. Sumit Gupta, Co-Founder of CoinDCX, has condemned the move, labeling it as “utter nonsense.” Sumit Gupta voiced his criticism on X (formerly known as Twitter), stating, «The first contribution to losses should ALWAYS come from the Company (i.e. WazirX in this case) and the treasury and assets the company holds. I have not seen any such commitment around this from the company side, instead making customers directly absorb the 45% losses is utter nonsense. The poll options are also framed in a manner to protect the business first and not the customers.»

CoinDCX, India’s leading cryptocurrency exchange, has announced its acquisition of BitOasis, a prominent digital asset platform in the Middle East and North Africa (MENA).

BTC is trading in a range between $62,000 and $63,800 and is still down by around 14% from its all-time peak of $73,750.07. However, its start for this week was with significant volatility where it hit levels of $65,500.

CoinDCX has partnered with Koinex, an Indian cryptocurrency exchange that ceased all trading operations due to regulatory uncertainties, to enable the platform’s users to access their assets.

Indian crypto exchange BuyUcoin has announced that it will now reimburse the entire withdrawal fees for local users transferring their assets from offshore exchanges amid ongoing crackdown.

India’s leading crypto exchange CoinDCX has reported a 2000% increase in deposits from customers since the finance ministry issued a show cause notice to 9 major offshore exchanges, including Binance on December 28.

The Delhi Police have initiated a cheating case against crypto app CoinDCX, following complaints from users about alleged bank fraud. However, India’s largest crypto exchange CoinDCX clarified that the fraud did not occur on their platform but rather on a fake app impersonating their name.

As we conclude 2023, a year marked by regulatory challenges and unprecedented growth, the cryptocurrency industry stands at the crossroads of uncertainty and promise. In an exclusive interview with India’s largest crypto exchange and the first crypto unicorn, CoinDCX’s Co-founder Neeraj Khandelwal shares insights into the highs and lows of 2023 and paints an optimistic picture of what awaits the crypto community in 2024.

Mudrex, a Y-Combinator-backed crypto platform, has recently announced its registration as a recognized entity with the Financial Intelligence Unit (FIU). Since the announcement of FIU registration, Mudrex has recorded a twofold increase in user growth on its platform. «Mudrex's platform has experienced a surge in user adoption, attributed to the FIU registration coinciding with a bullish market. Since the announcement of FIU registration in September, we have observed a twofold increase in user growth on our platform», said Edul Patel, CEO & Co-founder of Mudrex. In a notable development for the Indian crypto space, Mudrex became the third platform to secure FIU registration, following WazirX and CoinDCX. This move aligns with the regulatory changes implemented by the Indian government on March 7, 2023, which brought crypto service providers under the ambit of the Prevention of Money Laundering Act (PMLA), 2002. Compliance with the FIU is now a requirement for all crypto service providers, including exchanges, custodians, and wallet providers, necessitating adherence to various regulatory norms such as KYC procedures, record-keeping, reporting of suspicious transactions, appointment of a compliance officer, and engagement with regulatory authorities for guidance on compliance matters.

The recent push by G20 members to establish a global framework to regulate crypto has sent a wave of optimism among Indian crypto firms and investors. 

Dubai-based cryptocurrency exchange BitOasis has secured a round of funding from a group of investors, including Indian digital-asset platform CoinDCX. 

DeFi 2.0, is emerging. These platforms are built on the strengths of DeFi 1.0 and strive to address some of its challenges and limitations. In the ever-changing financial industry, the introduction of new products and services is a constant phenomenon. From credit cards and online banking to contactless payment and more recently, peer-to-peer lending, each financial product or service goes through multiple iterations. In the same vein, the DeFi space has also undergone a process of evolution and development, with the initial offerings being restricted to creating decentralized versions of traditional financial products such as loans and insurance. However, as DeFi protocols have undergone testing, strengthening, and improvement, the user experience has been notably enhanced, and a wider range of use cases have been developed. With this ongoing momentum in innovation, it is likely that soon, DeFi applications will be even more user-friendly and advanced compared to traditional banking apps or earlier versions of DeFi apps.

Cryptocurrency exchange CoinDCX has started consolidating some of its functions and, as a result, has laid off employees as a cost-cutting measure, according to multiple sources aware of the development. The marketing, branding, and activation teams were most affected by this restructuring that took place last month.

crypto exchange, CoinDCX has announced to host 'UNFOLD 2022' to bring developers, investors, Web3 startups and regulators from August 26-28, 2022, in Bangalore. The aforesaid event is aimed to showcase and discuss how India can leverage its Web3.0 talent and knowledge to be a global leader. UNFOLD 2022 will provide a platform for industry stalwarts to discuss the trends of Web 3.0.

Speaking on the legality of such offerings, Vishwanath said, “Right now the industry itself is unregulated as far as SEBI or RBI equivalent governing bodies are concerned. We don’t have any such regulations, we don’t even fall under SEBI yet.

India should not deprive itself from the benefits of cryptocurrencies, experts said, a couple of days after Union Finance Minister Nirmala Sitharaman reiterated the Reserve Bank of India's apprehensions on the unregulated virtual currencies.

Coinbase-backed crypto exchange CoinDCX has roped in Gaurav Arora as senior vice president to focus on developing use cases of crypto and blockchain technology, said the company. 

The Internet and Mobile Association of India (IAMAI) said in a statement on July 14 that it is dissolving the Blockchain and Crypto Assets Council (BACC) owing to the uncertain regulatory environment for the crypto industry.