The biggest cryptocurrency exchange in India, CoinDCX, boldly reports the acquisition of BitOasis, the virtual assets trading platform with the most trading volume in the Middle East and North Africa. Dirhams. Previously in August 2023, CoinDCX had strategically invested in BitOasis.
In the MENA region, the two market giants teaming together represents a first-of-its-kind, revolutionary agreement. With the company’s newly acquired license in the Kingdom of Bahrain and the recent reopening of its platform in Dubai, the acquisition will enable BitOasis to become even more powerful as a major participant in the virtual assets ecosystem, licensed and controlled in several markets.
Having been founded in 2018, CoinDCX, with a more than 15 million user base, is India’s most chosen exchange. Driving crypto acceptance across India has been much aided by CoinDCX, which offers access to over 500+ crypto assets and helps average quarterly trading volumes topping $840 million in spot in 2024. CoinDCX has made investing easier using its simple and user-friendly design, enabling users of various degrees of knowledge to access it. Maintaining openness by strict KYC rules, it is India’s first virtual assets exchange to register with the FIU IND.
Sumit Gupta, Co-Founder of CoinDCX, said,
“Building on six years of success and supporting more than 15 million Indians in their crypto journey, CoinDCX aims to become the go-to trading platform for crypto worldwide. For us, 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. This principle will continue to guide our actions as we navigate new markets and opportunities. Our expansion strategy begins with the MENA region, capitalizing on its mature market and the population’s keen interest in crypto investment.”
Established in 2016 by Ola Doudin, Tarek Kaylani, and Daniel Robenek, BitOasis has become the preferred platform for retail, institutional, and high-net-worth individuals all throughout the GCC and the wider MENA region to purchase, sell, and hold over 60 tokens with fiat currencies like AED, SAR, and USD. Since its founding, the business has handled over $6 billion in trade volume and received around $40 million from top regional and international investors.
Ola Doudin, Co-Founder & CEO of BitOasis, said,
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“CoinDCX’s acquisition marks an exciting new chapter for BitOasis, one that propels us forward on a much stronger ground. Since the start of BitOasis, trust and regulatory compliance have been key pillars in our mission to drive crypto adoption across MENA. This is a common pillar we share with CoinDCX and our unwavering commitment to customer-centricity, which has been equally vital for sustainable success. We take pride in our recent regulatory milestones, being amongst the first companies to register and become a reporting entity to FIU, the reinstatement of our MVP Operational license under VARA, and securing a license from the Central Bank of Bahrain, reinforcing our regional presence.”
Additionally, Ola stated:
“We are committed to delivering exceptional services, and 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.”
The acquisition promises a larger product offering and more trading and token range possibilities, so the user experience on both platforms is expected to improve. When asked about the effects on user accounts, Gupta clarified that between BitOasis and CoinDCX, accounts would not be linked or transferred across.
“Users’ personal data will remain protected in line with BitOasis’ privacy policy and applicable law and regulation users’ assets and funds will remain fully segregated and kept safe in line with applicable regulatory requirements.”
CoinDCX Crypto Exchange Expands Influence
The acquisition of BitOasis by CoinDCX marks a significant step in expanding its influence in the MENA region. This move combines CoinDCX’s robust Indian market presence with BitOasis’s regional expertise. Reportedly, users can expect enhanced services and broader access to crypto assets. Both companies emphasize their commitment to regulatory compliance and user protection.
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