CoinDCX Acquires UAE-Based BitOasis Crypto Exchange to Expand in MENA Region

BitOasis recently obtained a licence in the Kingdom of Bahrain and already has operational experience in Dubai.

Written by Radhika Parashar, Edited by David Delima | Updated: 3 July 2024 19:38 IST

CoinDCX Acquires UAE-Based BitOasis Crypto Exchange to Expand in MENA Region

Photo Credit: X/ @CoinDCX

BitOasis was founded in 2016 and is headquartered in Dubai

Highlights

BitOasis’ legal compliance in UAE attracted CoinDCX’s attention
CoinDCX’s first step of expanding out of India starts with MENA region
The crypto firm previously invested in BitOasis in 2023

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

Sumit Gupta, the co-founder of CoinDCX has emphasized that having conducted its business in India for the last six years, it is ready to take a compliance-first approach in conducting its operations across 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 are yet to disclose the financial value of the takeover deal.

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“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 said in a prepared statement. He also published a thread on X (formerly Twitter) explaining additional details of the acquisition.

BitOasis' significance in the MENA region

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

CoinDCX says that BitOasis has processed over $6 billion (roughly Rs. XXX crore)in trading volume and raised more than $40 million (roughly Rs. 50,077crore) in funding from multiple investors since being operational. It also added that BitOasis was the first crypto platform to register with the UAE Financial Intelligence Unit back in 2021.

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Commenting on its 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 services offering, broader access to an expanded range of tokens, increased liquidity, improved trading options, and an overall enhanced user experience.”

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Further reading: Cryptocurrency, CoinDCX, BitOasis

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More