India’s largest cryptocurrency exchange has made waves in the crypto space as CoinDCX acquired BitOasis, the most popular trading platform in the Middle East and North Africa (MENA) region.
With this strategic move, CoinDCX has officially entered the MENA market, which is an important step for the company’s expansion plans.
BitOasis, known for its exceptionally high trading volume in Emirati Dirhams, will strengthen its position following this acquisition.
CoinDCX’s Expansion Strategy into the Middle East
CoinDCX was founded in 2018 and has over 15 million registered users in India. The exchange’s average quarterly trading volume exceeds $840 million in spot trading. The acquisition of BitOasis (funded in 2016) is in line with CoinDCX’s goal of achieving global crypto exchange status.
Official statement
CoinDCX co-founder Sumit Gupta had this to say on the subject:
“Our expansion strategy starts with the MENA region, leveraging the region’s mature market and the deep interest of its people in crypto investing.”
With this, Sumit Gupta demonstrates his and the company’s commitment to achieving high compliance standards across all markets.
Here are some of the implications of the recent acquisition:
- It will improve the quality of cryptocurrency services in the MENA region
- Easier and more convenient access to more types of tokens
- It increases liquidity.
- Better and more optimized overall trading experience for users
Furthermore, BitOasis’ $6 billion trading volume will combine with CoinDCX’s resources to expand its presence across the region.
BitOasis co-founder and CEO Ola Doudin said:
“The acquisition of CoinDCX marks an exciting new chapter for BitOasis, one that propels us to even greater heights.”
She went on to highlight recent regulatory milestones. One of the most important aspects of this was securing licenses from the Central Bank of Bahrain and VARA (Virtual Assets Regulatory Authority).
VARA has been issued Regulation 2023 on Virtual Assets and Related Activities sets out a series of frameworks for virtual asset activities in Dubai.
As CoinDCX acquires BitOasis, I am curious to see how these regulations will change in the new release in 2024, but we can expect them to change to accommodate this acquisition.
Of course, this is just speculation at this point, but we could also see changes regarding compliance requirements for cryptocurrency businesses in Dubai.
