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Exchange

India’s CoinDCX Acquires Leading Dubai-Based Crypto Exchange For Access To MENA Region


CoinDCX makes headway into the Middle East with the purchase of BitOasis as the UAE continues to cement itself as a global crypto hub.

India-based crypto exchange CoinDCX  announced its acquisition of Middle East-based crypto platform BitOasis. The announcement came via a joint statement from the two companies yesterday, 3 July 2024.

The statement did not reveal the monetary value of the deal.

BitOasis Co-Founder Speaks On The Deal

BitOasis noted that CoinDCX now owns the full share capital of the Dubai-based exchange. It comes after CoinDCX had previously purchased a minor stake in BitOasis in August 2023.

BitOasis confirmed that the leadership team and branding would remain untouched following the deal.

The exchange currently offers its services to 15 countries across the MENA region.

Ola Doudin, co-founder of BitOasis commented, “We are committed to providing exceptional services, and this acquisition will enable us to achieve even more growth. Users can expect a broader range of products, more advanced cryptocurrency services, access to a wider range of tokens, increased liquidity, improved trading options, and an overall refreshed user experience.”

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Staying On The Right Side Of Local Regulators

The UAE is pushing to become a global centre for the crypto industry. In 2022, Dubai, known as the tourism hub of the UAE, set up a watchdog unit named the Virtual Asset Regulatory Authority (VARA). This was done to regulate the emerging digital asset industry within the UAE.

BitOasis has received a no-objection from VARA for its purchase by CoinDCX.

In another pro-regulatory move, BitOasis recently obtained a license by the Central Bank of Bahrain (CBB).

With this license, the exchange can now operate as a broker-dealer under the MVP Operating License issued by VARA.

India’s Reason For Wanting To Break Into The Middle-East?

A study by Bitget Research from earlier this year found that the Middle East had seen a 166% increase in daily crypto trades year-on-year. Bitget Research is the research arm of the Seychelles-based crypto exchange, Bitget.

The study also showed that in February 2023, there were 300,000 daily active users across the Middle East using centralised cryptocurrency exchanges. Fast forward 12 months to February 2024 and that number had nearly doubled to over 500,000.

Bitget Research hypothesised that favourable crypto regulations and 0% tax on crypto gains are the reason behind the increase in cryptocurrency usage across the Middle East.

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.





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