Crypto exchange CoinDCX’s Chief Technology Officer (CTO) Vivek Gupta is resigning after five years with the company.

CoinDCX confirmed that his departure is expected by the end of June 2025.

He joined in 2020 as executive vice president (EVP) of technology and became CTO in 2023.

Before CoinDCX, Gupta held a leadership role at Instamojo.

CoinDCX’s head of legal is also expected to leave by the end of June, according to Entrackr.

The company saw a profit drop of 45.27% in FY24 as India plans new crypto rules.

🔗 Source: YourStory

🧠 Food for thought

1️⃣ Executive departures reflect broader crypto market challenges in India

CoinDCX’s leadership changes come during a challenging period for India’s cryptocurrency sector, with the company experiencing a 45.27% drop in profit and a 12.4% decline in revenue for FY24 1.

This follows a pattern of financial pressure, as evidenced by the company’s August 2023 layoffs affecting approximately 12% of its workforce (around 70 employees) 2.

Despite achieving unicorn status in 2021 with a $1.1 billion valuation, CoinDCX has not secured external funding in the past three years, suggesting investor caution amid regulatory uncertainty 3.

These challenges are not unique to CoinDCX, as the entire Indian crypto ecosystem faces significant regulatory scrutiny, including a prohibitive tax structure with a 30% capital gains tax and a 1% transaction levy on all crypto transactions 4.

The Financial Intelligence Unit’s recent enforcement actions against non-compliant exchanges further illustrate the complex compliance landscape facing crypto businesses in India 5.

2️⃣ Strategic pivot toward international markets amid domestic headwinds

CoinDCX is actively pursuing geographic diversification through its expansion into the Middle East and North Africa region, particularly with its subsidiary BitOasis in Bahrain 6.

Recent CoinDCX developments