Indian cryptocurrency exchange CoinDCX has acquired BitOasis, the leading virtual assets trading platform in the Middle East and North Africa (MENA). BitOasis boasts the highest trading volume in Emirati Dirhams. CoinDCX had previously made a strategic investment in BitOasis in August 2023.
“Building on six years of success and supporting more than 15 million Indians in their crypto journey, CoinDCX aims to become the go-to trading platform for crypto worldwide. For us, investor protection has been paramount, and we have distinguished ourselves in India with unwavering compliance,” said Sumit Gupta, Co-Founder of CoinDCX.
The acquisition will further empower BitOasis to strengthen and expand its presence across the MENA region. BitOasis has recently acquired a license in Bahrain and reopened its platform in Dubai. It is now licensed and regulated in multiple markets.
“We are committed to upholding the same standards wherever we operate. This principle will continue to guide our actions as we navigate new markets and opportunities. Our expansion strategy begins with the MENA region, capitalizing on its mature market and the population’s keen interest in crypto investment,” Gupta added.
BitOasis, founded in 2016 by Ola Doudin, Tarek Kaylani, and Daniel Robenek, has emerged as the go-to platform for retail, institutional, and high-net-worth individuals across the GCC and the broader MENA region. The platform allows users to buy, sell, and hold over 60 tokens with fiat currencies such as AED, SAR, and USD. The company has processed over $6 billion in trading volume and raised more than $40 million from leading investors.
“CoinDCX’s acquisition marks an exciting new chapter for BitOasis, one that propels us forward on a much stronger ground. Since the start of BitOasis, trust and regulatory compliance have been a key pillar in our mission to drive crypto adoption across MENA,” said Ola Doudin, Co-Founder & CEO of BitOasis.
“This is a common pillar we share with CoinDCX along with our unwavering commitment to customer-centricity that has been equally vital for sustainable success. We take pride in our recent regulatory milestones, being amongst the first companies to register and become a reporting entity to FIU, the reinstatement of our MVP Operational license under VARA, and securing a license from the Central Bank of Bahrain, reinforcing our regional presence,” Doudin added.
Explaining why BitOasis’ acquisition aligns perfectly with CoinDCX’s principles, Sumit further added, “BitOasis was the first platform to register with the UAE Financial Intelligence Unit in 2021 and the company has maintained strong, constructive, and proactive relationships with regulators across the region since its launch.”
“BitOasis’ licenses in Bahrain and the UAE reflect its longstanding and uncompromising commitment to operating within established regulatory frameworks. Joining forces with BitOasis, a platform available in 15 countries across the region, aligns perfectly with our vision. Last year, we strategically invested in BitOasis to bolster its regional presence. Now, with this acquisition, we’re poised to establish an even more formidable foothold across the MENA region, catering to a diverse range of retail and institutional clients,” Gupta mentioned.
Sumit further added that BitOasis’ brand and leadership team will remain unchanged following the acquisition, fostering seamless synergy and collaboration between both organizations.
