CoinDCX, India’s largest cryptocurrency exchange, has completed the acquisition of BitOasis, a virtual asset trading platform operating across the Middle East and North Africa (MENA) region. This strategic move marks CoinDCX’s entry into the MENA market, underscoring its ambitious expansion strategy.
BitOasis, renowned for its significant trading volumes in Emirati dirhams, represents a pivotal step for CoinDCX in bolstering its footprint within the region. Recently, BitOasis obtained a minimum viable product (MVP) operational license from Bahrain’s Central Bank, issued through the Virtual Assets Regulatory Authority (VARA). This regulatory milestone empowers BitOasis to operate as a broker-dealer under stringent oversight, ensuring compliance with legal frameworks.
Sumit Gupta, co-founder of CoinDCX, affirmed that BitOasis will retain its operational independence under existing licenses, subject to supervision by relevant regulatory bodies. This approach underscores CoinDCX’s commitment to seamless integration while upholding regulatory standards.
In terms of user experience, the acquisition promises enhanced offerings across both platforms, including expanded product choices and a wider range of trading options. Gupta clarified that user accounts on BitOasis and CoinDCX will remain separate, emphasizing continuity in service without account migration or linkage.
Earlier this year, Gupta disclosed plans to establish a $1 million fund aimed at facilitating the transfer of assets from non-compliant platforms to CoinDCX. This initiative responds to regulatory developments impacting Indian investors, who have collectively invested an estimated $4 billion in cryptocurrencies on offshore exchanges. Gupta highlighted CoinDCX’s proactive measures to support users, such as secure deposit pathways and incentives like a 1% bonus for transitioning to the regulated exchange.
Looking ahead, CoinDCX’s acquisition of BitOasis signifies a pivotal move in expanding its market presence, aligning with broader industry trends and regulatory frameworks to foster sustainable growth and user confidence in cryptocurrency trading.