India’s largest cryptocurrency exchange, CoinDCX, has acquired BitOasis, a prominent virtual asset trading platform in the Middle East and North Africa (MENA) region.
This acquisition marks CoinDCX’s entry into the MENA market, reflecting the company’s ambition to expand globally.
BitOasis is known for its high trading volumes in Emirati dirhams, making this acquisition a strategic move for CoinDCX to establish a strong presence in the region.
BitOasis recently secured a Virtual Assets Regulatory Authority (VARA)-issued minimum viable product (MVP) operational license from the Central Bank of Bahrain (CBB).
This license allows BitOasis to operate as a broker-dealer under strict regulatory conditions, ensuring that its operations comply with legal requirements.
Sumit Gupta, co-founder of CoinDCX, explained to Cointelegraph that BitOasis would continue to operate independently under its existing licenses, supervised by the relevant regulatory authorities.
“Users’ personal data will remain protected in line with BitOasis’ privacy policy and applicable law and regulation.
“Users’ assets and funds will remain fully segregated and kept safe in line with applicable regulatory requirements.”
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The acquisition is expected to enhance the user experience on both platforms by offering a broader range of products and increased trading and token options.
Despite the acquisition, user accounts will not be migrated or linked between BitOasis and CoinDCX, maintaining the autonomy and privacy of each platform’s users.
In January, Gupta spoke with Cointelegraph about a $1 million fund to help investors transfer their assets from non-compliant platforms to CoinDCX.
With an estimated $4 billion invested in cryptocurrency on offshore exchanges by Indian investors, recent regulatory changes have raised significant concerns.
CoinDCX is actively supporting users by establishing secure deposit routes and offering a 1% bonus to those moving to the regulated exchange.
This strategic acquisition and CoinDCX’s initiatives underscore the company’s commitment to providing a secure and regulated environment for cryptocurrency trading, while also expanding its global footprint in the burgeoning crypto market.
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