CoinDCX acquires UAE-based BitOasis crypto exchange to expand in MENA region

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CoinDCX announced on Wednesday that it has acquired UAE-based crypto trading platform BitOasis. With this acquisition, CoinDCX claims to have taken its first step in expanding its crypto business in the Middle East and North Africa (MENA) region. CoinDCX first worked with BitOasis last year when it invested an undisclosed amount in the UAE-based company. According to CoinDCX, BitOasis recently obtained a license in the Kingdom of Bahrain and already has operating experience in Dubai, making this acquisition promising for BitOasis for growth.

CoinDCX co-founder Sumit Gupta has emphasized that after running its business in India for the last six years, it is ready to adopt a compliance-first approach in conducting its operations in the MENA region. In India, CoinDCX has registered with the Financial Intelligence Unit (FIU), making it a legally compliant crypto entity in the country.

CoinDCX and BitOasis have not yet disclosed the financial value of the acquisition deal.

“Investor protection has been paramount and we have distinguished ourselves with unwavering compliance in India. We are committed to maintaining the same standards wherever we operate. Our expansion strategy starts with the MENA region, leveraging its mature market and the population’s keen interest in crypto investing,” Gupta said in a prepared statement. He also published a thread on X (formerly Twitter) detailing additional details of the acquisition.

The Importance of BitOasis in the MENA Region

BitOasis was founded in 2016. The platform allows retail, institutional, and high net worth individual crypto investors to trade in over 60 cryptocurrencies.

CoinDCX says BitOasis has processed over $6 billion (roughly Rs. XXX crores) in trading volume since it began operations and has raised over $40 million (roughly Rs. 50,077 crores) in funding from a range of investors. It also said BitOasis was the first crypto platform to register with the UAE Financial Intelligence Unit in 2021.

Commenting on its acquisition by CoinDCX, BitOasis co-founder and CEO Ola Dodin said, “This acquisition will enable further growth. Users can expect a broader product portfolio, enhanced crypto services offering, wider access to an expanded range of tokens, enhanced liquidity, improved trading options, and an overall better user experience.”


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