CoinDCX Acquires BitOasis to Expand in the MENA Region
India’s largest cryptocurrency exchange, CoinDCX, has made a significant strategic move by acquiring BitOasis, the leading crypto asset trading platform in the Middle East and North Africa (MENA) region. This acquisition marks CoinDCX’s first expansion into the MENA market, highlighting its ambition to become a global player in the cryptocurrency industry.
📢@CoinDCX acquires MENA region's leading virtual assets trading platform @bitoasis
Join us to celebrate a significant step towards our vision of global expansion and creating a more accessible and secure crypto experience for users. #WAGMI💪 pic.twitter.com/iMoffAjqcZ
— CoinDCX: India's Safest Crypto Platform (@CoinDCX) July 3, 2024
Strategic Acquisition to Drive Regional Growth
The acquisition will enable BitOasis to amplify its regional presence, ensure sustainable growth, and drive its roadmap forward. Since its launch in 2016, BitOasis has been a pioneer in providing a safe, secure, and compliant way to trade cryptocurrencies. This strategic move by CoinDCX will bolster BitOasis’ efforts to secure further licenses and expand its market reach.
Ola Doudin, Co-Founder and CEO of BitOasis expressed her enthusiasm for the acquisition: “We are delighted to be working with CoinDCX, India’s leading crypto platform. We share a common vision and synergies across our markets from our first conversations that we look forward to building towards.”
CoinDCX’s Expansion into the MENA Region
CoinDCX’s acquisition of BitOasis represents a significant step into the MENA region, a market with substantial growth potential. CoinDCX, known for its robust product offering and strong leadership, views this move as an opportunity to provide regulated and secure regional trading.
Sumit Gupta, Co-Founder and CEO of CoinDCX highlighted the synergy between the two platforms: “We are immensely excited about acquiring BitOasis, the largest crypto trading platform in the MENA region. We have been impressed by BitOasis’s excellent product offering, strong leadership, and persistence in serving customers in the most secure and compliant manner.”
Regulatory Compliance and User Safety
Both BitOasis and CoinDCX are committed to maintaining high standards of regulatory compliance and user safety. BitOasis recently secured a Virtual Assets Regulatory Authority (VARA)-issued minimum viable product (MVP) operational license from the Central Bank of Bahrain (CBB), allowing it to operate as a broker-dealer under stringent regulatory conditions.
Gupta assured users that their data and assets would remain protected and segregated in accordance with applicable regulatory requirements: “Users’ data will remain protected in accordance with BitOasis’ privacy policy and applicable law and regulation. Users’ assets and funds will remain fully segregated and kept safe in accordance with applicable regulatory requirements.”
Enhancing User Experience and Product Offerings
The acquisition is expected to enhance the user experience on both platforms by broadening the product offering and increasing the range of trading options. While BitOasis will continue to operate independently under its existing licenses, the partnership promises to bring new opportunities and improvements to its users.
CoinDCX’s Commitment to the Crypto Ecosystem
CoinDCX’s acquisition of BitOasis is part of a broader strategy to support the global cryptocurrency ecosystem. Earlier this year, CoinDCX allocated a $1 million fund to assist investors in transferring their assets from non-compliant platforms to CoinDCX, demonstrating its commitment to user safety and regulatory compliance.
Conclusion
The acquisition of BitOasis by CoinDCX marks a significant milestone in the growth of the cryptocurrency markets in India and the MENA region. As both platforms continue to drive transparency, security, and innovation, their combined efforts are set to shape the future of the digital asset trading landscape.
