CoinDCX Acquires UAE-Based BitOasis Exchange to Expand in the MENA Region
CoinDCX announced on Wednesday that it has acquired BitOasis, a UAE-based crypto trading platform. With the acquisition, CoinDCX says it has taken the first step in expanding its crypto business in the Middle East and North Africa (MENA) region. CoinDCX first partnered with BitOasis last year when it invested an undisclosed amount in the UAE-based company. BitOasis recently obtained a license in the Kingdom of Bahrain and has operating experience in Dubai, making the BitOasis acquisition promising for growth, CoinDCX said.
Sumit Gupta, the co-founder of CoinDCX, stressed that after doing business in India for the past six years, the company is ready to take a compliance-first approach while 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 is paramount and we have distinguished ourselves in India with unwavering compliance. We are committed to upholding the same standards wherever we operate. Our expansion strategy begins with the MENA region, capitalizing on the mature market and the population’s keen interest in crypto investing,” Gupta said in a prepared statement. He also released a thread on X (formerly Twitter) with additional details about the acquisition.
The Importance of BitOasis in the MENA Region
BitOasis was founded in 2016. The platform allows retail, institutional and high-net-worth individuals to trade over 60 cryptocurrencies.
CoinDCX says that BitOasis has processed over $6 billion (approximately Rs. XXX crore) in trading volume and raised over $40 million (approximately Rs. 50,077 crore) in funding from multiple investors since it began operations. It also added that BitOasis became the first crypto platform to register with the UAE Financial Intelligence Unit in 2021.
Commenting on the acquisition by CoinDCX, BitOasis co-founder and CEO Ola Doudin said: “This acquisition will enable further growth. Users can expect a broader product portfolio, enhanced crypto service offerings, wider access to a wider range of tokens, increased liquidity, improved trading options, and an overall improved user experience.”
