Crypto Player CoinDCX Acquires MENA Region's BitOasis Notably, BitOasis boasts of the highest trading volume in Emirati Dirhams
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Indian cryptocurrency player CoinDCX announced, on Wednesday, that it has acquired the Middle East and North Africa's virtual assets trading platform, BitOasis.
Sumit Gupta's startup made a strategic investment in BitOasis in August 2023. Notably, BitOasis boasts of the highest trading volume in Emirati Dirhams.
Calling it a transformative deal in the MENA region, Gupta said "For us, investor protection has been paramount, and we have distinguished ourselves in India with unwavering compliance. 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."
BitOasis claims to be among the first companies to register and become a reporting entity to FIU.
Talking about the deal, Ola Doudin, Co-Founder & CEO, BitOasis said, "Since the start of BitOasis, trust and regulatory compliance have been a key pillar in our mission to drive crypto adoption across MENA. 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."
For Gupta, BitOasis' licences in Bahrain and the UAE and operations within established regulatory frameworks were the key factors for the deal going through. "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," he said.
