India’s crypto unicorn CoinDCX has no immediate plans for IPO

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India’s largest cryptocurrency exchange, CoinDCX, has no immediate plans for a public listing as the country’s regulatory environment remains uncertain.

Cointelegraph said in an official statement on Monday, that CoinDCX has no specific path or point regarding when a possible initial public offering will take place.

“Every growing company, over time, is striving to go public. We have similar ambitions at CoinDCX. We would like to reiterate that there are no plans to announce an initial public offering in the near future,” a company spokesperson said.

The latest announcement complements comments by CoinDCX co-founder Neeraj Khandelwal, who said on Monday that CoinDCX will conduct a listing on the exchange “as soon as the government or situation” allows the exchange to do so. Handelwal said in an interview with Bloomberg that CoinDCX will set “specific timelines” depending on upcoming government regulations.

A CoinDCX spokesperson confirmed that the focus of the Bloomberg interview was “a discussion of India’s legal and regulatory framework in relation to the crypto bill that has been sent to Parliament.”

CoinDCX is one of the largest cryptocurrency companies in India. In August, CoinDCX raised $90 million in a Series C funding round, becoming the first cryptocurrency company in India to achieve unicorn status.

Indian Finance Minister Nirmala Sitharaman said on Monday that the government has no plans to recognize Bitcoin (BTC) as a currency, according to local reports. It also indicated that the government does not collect data on bitcoin transactions.

On the subject: Experts are divided on the extent to which India’s ban on “private cryptocurrencies” will go.

The latest news comes after many years of uncertainty over crypto regulations in India as the industry remains unregulated after India’s central bank attempted to ban cryptocurrency in 2018. Earlier this year, several government-related sources raised concerns about Another crypto ban is coming, indicating that the Indian government is planning to impose a complete ban on the industry.

Source: CoinTelegraph

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