CoinDCX Acquires BitOasis: Expanding Influence in MENA's Crypto Market

CoinDCX, India's largest crypto exchange, has announced the acquisition of BitOasis. This strategic move follows CoinDCX's initial investment in BitOasis in August 2023, where CoinDCX initially acquired an 85% ownership stake. Subsequently, CoinDCX has now completed the acquisition, securing full ownership of BitOasis. This groundbreaking alliance marks a transformative milestone for the MENA region. With BitOasis recently obtaining a license in Bahrain and reopening its platform in Dubai, the acquisition has empowered CoinDCX to consolidate its position in the MENA region’s regulated virtual assets ecosystem.

Established in 2018, CoinDCX boasts a user base exceeding 15 million, making it India's preferred exchange. Facilitating over 500 crypto assets with quarterly trading volumes surpassing USD 840 million in 2024, CoinDCX has played a pivotal role in driving crypto adoption in India. The platform's user-friendly interface has democratized crypto investing, ensuring accessibility for users of all experience levels. Notably, CoinDCX is India's first virtual assets exchange registered with the FIU IND, emphasizing transparency through rigorous KYC norms.

Sumit Gupta, Co-Founder of CoinDCX, commented, "With six years of success and empowering millions in India's crypto journey, CoinDCX aims to become the global leader in crypto trading. Upholding investor protection remains our priority, evident in our stringent compliance standards. As we expand into new markets like MENA, we are committed to maintaining these high standards."

Founded in 2016 by Ola Doudin, Tarek Kaylani, and Daniel Robenek, BitOasis has become MENA's go-to platform for retail, institutional, and high-net-worth individuals to trade over 60 tokens with fiat currencies like AED, SAR, and USD. Since inception, BitOasis has processed over $6 billion in trading volume and secured over $40 million in funding from leading regional and global investors.

In July 2023, the Virtual Asset Regulatory Authority (VARA) in Dubai issued a market alert regarding ongoing supervisory controls and enforcement actions against BitOasis, a prominent virtual asset platform. This alert served as a cautionary note to investors and customers. In August 2023, BitOasis secured an investment from CoinDCX, India’s highest-valued Virtual Asset Service Provider (VASP), alongside investments from Wamda Capital and Jump Capital.

In April 2024, BitOasis announced the resumption of services for new retail and corporate customers, effective April 12, 2024, following a period of regulatory scrutiny addressed in collaboration with Dubai’s Virtual Assets Regulatory Authority (VARA). In June 2024, BitOasis unveiled a substantial expansion initiative into the GCC market. Headquartered in Dubai, BitOasis utilized its newly acquired Category 2 Crypto-Asset Services License from the Central Bank of Bahrain to strengthen its regional presence, including the establishment of a new office in the Kingdom of Bahrain to serve local and broader regional markets.

Ola Doudin, Co-Founder & CEO of BitOasis, affirmed, "CoinDCX's acquisition marks a significant milestone for BitOasis, strengthening our foundation for future growth. Trust and regulatory compliance have been central to our mission of driving crypto adoption in MENA. This acquisition aligns with our commitment to customer-centricity and regulatory transparency."