India’s largest crypto exchange, CoinDCX buys BitOasis to expand its reach in the Middle East and North Africa (MENA) for an undisclosed fee.
CoinDCX, the largest cryptocurrency exchange in India, has acquired BitOasis, a competitor, to broaden its business offerings in the Middle East and North Africa (MENA) region for an undisclosed sum.
This action represents the company’s initial movement toward expanding beyond the Indian market. Earlier this year, CoinDCX disclosed its global expansion objectives. The company believes the UAE and MENA markets are ideal starting points.
Enhancing Compliance and Product Offerings
CoinDCX’s acquisition of BitOasis is anticipated to benefit both the company and its consumers. The agreement is expected to improve their product offerings and expand their service offerings to the local regulations of both jurisdictions.
BitOasis, a regulated and trusted exchange in the MENA region, has a strong reputation and a plethora of experience, according to an emailed statement. The two organizations intend to establish a formidable alliance to contend with global titans like Binance and Coinbase.
Despite being owned by the company, CoinDCX stated that BitOasis will remain an autonomous entity in the MENA region. The exchange does not intend to integrate BitOasis into its current offerings or incorporate its business infrastructures or customer bases.
The company will continue operating under the current regulatory licenses and supervision without any interruptions from CoinDCX.
A New Regulatory License
The Indian exchange acknowledges the significant potential of the MENA region, where crypto adoption is on the rise. It intends to provide BitOasis with assistance in preserving its position in the area. BitOasis, headquartered in the United Arab Emirates (UAE), is the largest crypto trading platform in the region. Most of its monthly active users are from the UAE, Jordan, Saudi Arabia, and Egypt.
After being suspended in 2023, BitOasis has recently obtained a minimum viable product (MVP) license from the Central Bank of Bahrain (CBB) to provide crypto services to consumers in the region.
The license was approved by the Virtual Assets Regulatory Authority (VARA), a newly established crypto regulatory agency in Dubai that is responsible for regulating digital assets within the Emirates.
With this permit, the company can operate as a broker-dealer under strict regulatory conditions, ensuring the platform’s operations are regulated and comply with legal parameters.
User Satisfaction
CoinDCX acquired the company, but BitOasis’ users were assured that their funds were secure. BitOasis users were assured by Sumit Gupta, the co-founder of CoinDCX, that their accounts are safe and will continue to be under the exchange’s supervision. Gupta also clarified that BitOasis’ privacy policies will be followed to safeguard client funds and personal data.
“BitOasis’ privacy policy and any relevant laws and regulations will safeguard users’ data.” He stated that the assets and funds of users will be entirely segregated and maintained by the relevant regulatory requirements.