CoinDCX Expands Its Crypto Empire by Acquiring MENA's BitOasis

India's crypto exchange CoinDCX has acquired BitOasis, a leading virtual assets trading platform in the Middle East and North Africa (MENA) region. This acquisition follows CoinDCX's strategic investment in BitOasis in August 2023. The move aims to enhance BitOasis's presence across the MENA region, supported by CoinDCX's new licence in Bahrain and the recent reopening of its platform in Dubai.

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Founded in 2018, CoinDCX has a strong user base of over 15 million. The platform offers access to more than 500 crypto assets and facilitates average quarterly trading volumes exceeding USD 840 million in spot trading as of 2024. CoinDCX has played a significant role in promoting crypto adoption across India.

CoinDCX's Strategic Expansion

Sumit Gupta, Co-Founder of CoinDCX, stated that the company's goal is to become the preferred trading platform for crypto globally. "Our expansion strategy begins with the MENA region, capitalizing on its mature market and the population's keen interest in crypto investment," he said.

BitOasis, established in 2016 by Ola Doudin, Tarek Kaylani, and Daniel Robenek, is a prominent platform for retail, institutional, and high-net-worth individuals across the GCC and broader MENA region. It allows users to buy, sell, and hold over 60 tokens using fiat currencies such as AED, SAR, and USD.

Enhanced Offerings for Users

Ola Doudin, Co-Founder & CEO of BitOasis, remarked that CoinDCX's acquisition marks an exciting new chapter for BitOasis. "Since the start of BitOasis, trust and regulatory compliance have been a key pillar in our mission to drive crypto adoption across MENA. This is a common pillar we share with CoinDCX along with our unwavering commitment to customer-centricity that has been equally vital for sustainable success," she said.

Doudin also mentioned that 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.

CoinDCX's Regulatory Compliance

CoinDCX is notable for being the first virtual assets exchange in India to register with the Financial Intelligence Unit-India (FIU-IND). The company upholds transparency through stringent Know Your Customer (KYC) norms.

The acquisition of BitOasis aligns with CoinDCX's broader strategy to expand its footprint globally while leveraging the mature market conditions and growing interest in crypto investments within the MENA region.

This strategic move not only strengthens CoinDCX’s position but also promises enhanced services and offerings for BitOasis users. The collaboration between these two platforms is set to drive further growth and adoption of cryptocurrencies across the MENA region.