Coinspeaker CoinDCX Acquires Rival Exchange BitOasis for Business Expansion
CoinDCX, the largest crypto exchange in India, has acquired rival company BitOasis to expand its business offerings across the Middle East and North Africa (MENA) region for an undisclosed amount.
The move marks the company’s first step towards achieving its goal of spreading its wings outside the Indian market. CoinDCX announced its global expansion plans earlier this year, and according to the firm, the UAE and MENA markets are an excellent base to start.
Strengthening Product Offerings and Compliance
The acquisition of BitOasis by CoinDCX is expected to benefit both companies and their users. The deal promises to enhance their product offerings and strengthen their range of services in compliance with local regulations in both jurisdictions.
According to an emailed statement, BitOasis, established as a trusted and regulated exchange in the MENA region, brings a wealth of experience and a strong reputation to the table. Both companies plan to form a formidable force to compete with global giants such as Binance and Coinbase.
CoinDCX stated that BitOasis will continue to serve the MENA region as an independent entity despite being owned by the company. The exchange has no plans to integrate BitOasis into its existing offerings nor incorporate its business infrastructures or customer bases.
The company will remain operational and continue to run under existing regulatory licenses and supervision without any interruptions from CoinDCX.
A New Regulatory License
The Indian exchange recognizes the immense potential of MENA, where crypto adoption is on the rise, and plans to support BitOasis in maintaining its position in the locations. BitOasis, headquartered in the United Arab Emirates (UAE), represents the largest crypto trading platform in the region, with most of its monthly active users coming from the UAE, Jordan, Saudi Arabia, and Egypt.
BitOasis recently obtained a minimum viable product (MVP) license from the Central Bank of Bahrain (CBB) to offer crypto services to users in the region after it was suspended in 2023.
The license was approved by the newly formed crypto regulatory body in Dubai, the Virtual Assets Regulatory Authority (VARA), responsible for overseeing digital assets within the Emirates.
With this permit, the company can operate as a broker-dealer under strict regulatory conditions, ensuring that the platform’s operations are regulated and comply with legal parameters
Users Assurance
Despite being bought by CoinDCX, the company assured users that their funds are safe on BitOasis. Sumit Gupta, the co-founder of CoinDCX told BitOasis users that their accounts are safe and will remain under the guidance of the exchange. Gupta further explained that customer funds and personal data will be protected in accordance with BitOasis’ privacy policies.
“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,” he said.
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CoinDCX Acquires Rival Exchange BitOasis for Business Expansion
