CoinDCX Acquires BitOasis, Expands Business To Middle East And North Africa

JAKARTA - CoinDCX has acquired its competing company, BitOasis, to expand its business to the Middle East and North Africa (MENA) regions. This strategic move was announced without disclosing the number of transactions.

This acquisition marks CoinDCX's first step towards achieving its goal of expanding beyond India's market. CoinDCX has announced its global expansion plan earlier this year, with the UAE and the MENA market considered the right base to start.

The acquisition of BitOasis by CoinDCX is expected to benefit both the company and its users. This deal promises to increase product offerings and strengthen their various services in accordance with local regulations in both jurisdictions.

In an emailed statement, BitOasis, which has been recognized as a trusted and regulated exchange in the MENA region, brings a lot of experience and a strong reputation. The two 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 even though it has been acquired. The exchange does not plan to integrate BitOasis into existing offerings or incorporate its business infrastructure or customer base. The company will continue to operate and run its business under existing regulatory licenses without interference from CoinDCX.

CoinDCX recognizes the huge potential in the MENA, where crypto adoption continues to rise, and plans to support BitOasis in maintaining its position in the region. BitOasis, headquartered in the United Arab Emirates (UAE), is the region's largest crypto trading platform, with most monthly active users from the UAE, Jordan, Saudi Arabia, and Egypt.

BitOasis recently obtained a minimum product license (MVP) from Bank Sentral Bahrain (CBB) to offer crypto services to users in the region after its license was suspended in 2023.

The license was approved by the newly formed crypto regulatory body in Dubai, the Virtual Asset Regulatory Authority (VARA), which is responsible for overseeing digital assets in the Emirates.

With this permission, the company can operate as a broker-dealer under strict regulatory conditions, ensuring that platform operations are regulated and comply with legal parameters.

Despite being acquired by CoinDCX, the company confirmed to users that their funds were safe on BitOasis. Quoted from Coin Speaker, Summit Gupta, co-founder of CoinDCX, told BitOasis users that their accounts are safe and will remain under exchange guidance. Gupta further explained that customer personal funds and data will be protected in accordance with BitOasis privacy policies.

Personal data of users will remain protected in accordance with BitOasis' privacy policies as well as applicable laws and regulations. User assets and funds will remain completely separate and stored safely in accordance with applicable regulatory requirements," he said.