CoinDCX Acquires BitOasis, Marking Strategic Expansion into MENA Crypto Market

India’s leading cryptocurrency exchange, CoinDCX, has announced its acquisition of BitOasis, a prominent digital asset trading platform operating in the Middle East and North Africa (MENA) region. This strategic move marks CoinDCX’s first step into international markets, signaling a significant expansion of its operations beyond India.

The acquisition, for which financial terms were not disclosed, comes as CoinDCX aims to become a global leader in cryptocurrency trading. Sumit Gupta, co-founder and CEO of CoinDCX, stated, “Our expansion strategy begins with the MENA region, capitalizing on its mature market and the population’s keen interest in crypto investment.”

BitOasis, founded in 2016 and headquartered in Dubai, has processed over $6 billion in trading volume since its inception. The platform is licensed in the United Arab Emirates and recently secured a broker-dealer license from the Central Bank of Bahrain, enhancing its regulatory standing in the region.

Under the terms of the deal, BitOasis will retain its brand identity and current leadership team. Ola Doudin, co-founder and CEO of BitOasis, emphasized that users can expect “a broader product portfolio, enhanced crypto services offering, broader access to an expanded range of tokens, increased liquidity, improved trading options, and an overall enhanced user experience.”

This acquisition follows CoinDCX’s strategic investment in BitOasis in August 2023. The move is particularly significant given the challenging regulatory environment for cryptocurrencies in India, where the government imposes a 30% tax on digital asset gains. By expanding internationally, CoinDCX aims to diversify its operations and tap into new growth opportunities.

CoinDCX, established in 2018, boasts over 15 million users and generates average quarterly trading volumes of $840 million. The exchange is backed by notable investors including Pantera Capital, Polychain Capital, Bain Capital Ventures, and Coinbase Ventures.

The acquisition aligns with the United Arab Emirates’ ambition to become a global hub for the crypto industry. Dubai, in particular, has been proactive in regulating the sector, establishing the Virtual Assets Regulatory Authority (VARA) in 2022 to oversee the emerging virtual asset market.