CoinDCX Leadership Exits, WazirX Rebrands Abroad, Sumit Gupta Calls for Regulation

India’s Web3 scene is getting louder and messier.

Just days after WazirX was reported to have moved its legal entity to Panama and rebranded as “Zensui,” CoinDCX co-founder Sumit Gupta took to LinkedIn to call the situation “unfortunate,” urging India to act swiftly on crypto regulations.

“At CoinDCX, we operate 100% under Indian laws,” he wrote, contrasting his firm’s position with WazirX’s offshore move.

But behind CoinDCX’s nationalist tone, the company itself is facing churn of its own.

Its long-serving CTO Vivek Gupta has resigned. The legal head, Tushar Tarun, is also reportedly serving notice. And while CoinDCX claims this is part of a broader leadership expansion, with 100+ roles open, including CFO and General Counsel, the optics are hard to ignore.

CoinDCX is still India’s most well-known crypto unicorn, with 15 million+ users and a compliance-first brand. But financials tell a more nuanced story: revenue dropped 12.4% and profits nearly halved in FY24. No new fundraising since 2022. And meanwhile, its fastest moves are coming outside India, namely in Bahrain and the UAE, where its BitOasis subsidiary now holds full licenses.

So, what’s the real story here?

At one level, CoinDCX is doubling down on its “Made in India” compliance narrative just as a rival quietly exits Indian jurisdiction. At another level, it’s a company restructuring leadership while increasingly focusing on markets where crypto regulation is actually functional.

The irony isn’t lost on many in the ecosystem. Gupta warns that India risks missing the Web3 revolution, while CoinDCX itself is hedging that exact risk with international expansion.

And in that light, WazirX’s Panama move, CoinDCX’s leadership exits, and Sumit’s vocal call for regulation all point to the same uncomfortable truth: India’s indecision on crypto is no longer just delaying innovation, it’s actively pushing it offshore.

With a discussion paper on crypto policy reportedly due this June, the next few weeks could be crucial. But the talent—and capital—may not wait.

Editorial Note: This news article has been written with assistance from AI. Edited & fact-checked by the Editorial Team.

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