CoinDCX announced on Wednesday that it has acquired BitOasis, a UAE-based cryptocurrency trading platform. This acquisition marks CoinDCX’s initial foray into the Middle East and North Africa (MENA) region. The relationship between CoinDCX and BitOasis began last year with an investment of an undisclosed amount in the latter. BitOasis, which recently secured a license in the Kingdom of Bahrain and has a presence in Dubai, is poised for growth, as per CoinDCX.
Sumit Gupta, co-founder of CoinDCX, noted that after six years of operation in India and adhering to stringent compliance standards, the company is prepared to apply a similar compliance-first approach in the MENA region. In India, CoinDCX is registered with the Financial Intelligence Unit (FIU), affirming its status as a legally compliant cryptocurrency entity.
The financial details of the acquisition have not been disclosed by CoinDCX and BitOasis.
“Investor protection has been 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, capitalising on its mature market and the population’s keen interest in crypto investment,” Gupta stated in a prepared statement. He further detailed the acquisition in a series of posts on X (formerly Twitter).
BitOasis’ Role in the MENA Region
Founded in 2016, BitOasis has facilitated cryptocurrency trading for retail, institutional, and high net worth individuals, supporting over 60 cryptocurrencies.
According to CoinDCX, BitOasis has handled over $6 billion in trading volume and has raised more than $40 million from various investors since its inception. Notably, BitOasis was the first cryptocurrency platform to register with the UAE Financial Intelligence Unit in 2021.
Ola Doudin, co-founder and CEO of BitOasis, commented on the acquisition: “This acquisition will enable further growth. Users can expect a broader product portfolio, enhanced crypto services offering, broader access to an expanded range of tokens, increased liquidity, improved trading options, and an overall enhanced user experience.”
