CoinDCX, India’s largest cryptocurrency exchange, has acquired BitOasis, a virtual asset trading platform operating in the Middle East and North Africa (MENA) region, marking its first move into this market. BitOasis, known for its high trading volumes in Emirati dirhams, signifies a strategic move for CoinDCX to expand its presence in the region.
BitOasis recently obtained a minimum viable product (MVP) operational license from the Central Bank of Bahrain (CBB), issued by the Virtual Assets Regulatory Authority (VARA). This license allows BitOasis to operate as a broker-dealer under strict regulatory conditions, ensuring that the platform’s operations comply with legal parameters.
Sumit Gupta, co-founder of CoinDCX, stated that BitOasis will continue to operate independently under its existing licenses, supervised by the relevant regulatory authorities.
The acquisition promises to improve the user experience on both platforms by offering a broader product range and increased trading and token options. However, Gupta clarified that user accounts on BitOasis and CoinDCX will not be migrated or linked.
In January, Gupta announced a $1 million fund to assist investors transferring their assets from non-compliant platforms to CoinDCX. With Indian investors estimated to have $4 billion invested in cryptocurrency on offshore exchanges, regulatory changes have raised significant concern. CoinDCX is actively supporting users by establishing secure deposit routes and offering a 1% bonus to those looking to move to the regulated crypto exchange.
Additionally, CoinDCX has been in talks about a $500K prediction for Bitcoin and the “staking issue” related to a spot Ether ETF.