CoinDCX crypto exchange purchases BitOasis ventures into MENA region

CoinDCX, India’s largest cryptocurrency exchange, has purchased BitOasis, a virtual asset trading platform that operates in the Middle East and North Africa (MENA) region. This acquisition represents CoinDCX’s initial move into the MENA market, signifying a strategic expansion for the cryptocurrency firm. BitOasis, known for its high trading volumes in Emirati dirhams, underscores CoinDCX’s efforts to increase its presence in the region. BitOasis recently obtained a minimum viable product (MVP) operational license from the Central Bank of Bahrain, issued by the Virtual Assets Regulatory Authority (VARA). This license allows BitOasis to operate as a broker-dealer under stringent regulatory conditions, ensuring compliance with legal parameters. Sumit Gupta, co-founder of CoinDCX, stated that BitOasis will continue to operate independently under its existing licenses and be supervised by the relevant regulatory authorities. The acquisition is expected to enhance the user experience on both platforms by offering a wider range of products and increased trading and token options. Gupta also mentioned that user accounts on BitOasis and CoinDCX will not be linked or migrated. In January, Gupta revealed that CoinDCX had allocated a $1 million fund to assist investors in transferring their assets from non-compliant platforms to CoinDCX. With Indian investors estimated to have around $4 billion invested in cryptocurrency on offshore exchanges, 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, Thomas Fahrer, X Hall of Flame, predicted that Bitcoin could reach $500K and addressed the “staking issue” with spot Ether ETFs.