The largest crypto exchange in India has made some waves in the crypto work as CoinDCX acquires BitOasis, the most well-known 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 its expansion plan.
BitOasis, which is recognized for its especially high trading volume in Emirati Dirhams, will have its position consolidated after this acquisition.
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CoinDCX’s Strategic Expansion into the Middle East
CoinDCX was established in 2018 and has over $15 million registered users in India. Its average quarterly trading volumes exceed $840 million in spot trading. The purchase of BitOasis (funded in 2016) matches CoinDCX’s goal to reach global crypto-trading status.
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Official Statements
The co-founder of CoinDCX, Sumit Gupta had this to say on the topic:
“Our expansion strategy begins with the MENA region, capitalizing on its mature market and the population’s keen interest in crypto investment.”
With this, Sumit Gupta evidentiates the commitment he and his company have to reaching a high compliance standard across every market.
Here are some effects of this recent acquisition:
- It will enhance the quality of crypto services in the MENA region
- Easier and more convenient access to a broader range of tokens
- It increases liquidity
- An overall better and more optimized trading experience for users
Furthermore, the 6 billion in trading volume reached by BitOasis will combine with CoinDCX’s resources to expand its presence across the region.
The Co-Founder and CEO of BitOasis, Ola Doudin has stated the following:
“CoinDCX’s acquisition marks an exciting new chapter for BitOasis, one that propels us forward on a much stronger ground.”
She continued by highlighting the recent regulatory milestones. One of the most important aspects of this situation is securing licenses from the Central Bank of Bahrain and VARA (Virtual Assets Regulatory Authority).
VARA has released the Virtual Assets and Related Activities Regulations 2023, which set in stone a series of frameworks for virtual asset activities in Dubai.
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As CoinDCX acquires BitOasis, I am very curious to find out how these regulations will evolve in their newer release for 2024, but we can expect them to evolve in response to the acquisition.
Of course, this is just speculation at this point, but we might also see changes related to the compliance requirements for crypto businesses in Dubai.