India’s CoinDCX Acquires Dubai’s BitOasis

CoinDCX, India’s largest crypto exchange, has acquired Dubai-based BitOasis, the Middle East and North Africa’s (MENA) leading virtual assets trading platform. BitOasis has previously received a strategic investment from CoinDCX in August 2023.

The two market leaders joining forces marks a first-of-its-kind, transformative deal in the MENA region. The two companies however did not disclose the financial details of the deal.

Combined with the company’s newly acquired license in Bahrain and the recent reopening of its platform in Dubai, the acquisition will further empower BitOasis to strengthen and expand its presence across the MENA region as a leading player in the virtual assets ecosystem, licensed and regulated in multiple markets.

BitOasis’ brand and leadership team will remain unchanged following the acquisition, fostering seamless synergy and collaboration between the two organisations.

Founded in 2016 by Ola Doudin, Tarek Kaylani and Daniel Robenek, BitOasis has emerged as the go-to-platform for retail, institutional and high-net-worth individuals across the GCC and the broader MENA region to buy, sell and hold over 60 tokens with fiat currencies such as AED, SAR, and USD. Since its inception, the company has processed over $6 billion in trading volume and raised more than $40 million in funding from leading regional and global investors.

New Chapter

Ola Doudin said that CoinDCX’s acquisition marks a new chapter for BitOasis, one that propels us forward on a much stronger ground. Since the start of BitOasis, trust and regulatory compliance has been a key pillar in the company’s 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. We take pride in our recent regulatory milestones, being amongst the first companies to register and become a reporting entity to FIU, the reinstatement of our Operational MVP license under VARA, and securing a license from the Central Bank of Bahrain, reinforcing our regional presence,” Doudin added.

Established in 2018, CoinDCX is the most preferred exchange in India, boasting a robust user base of over 15 million. Offering access to over 500+ crypto assets and facilitating average quarterly trading volumes exceeding $840 million in 2024, CoinDCX has been instrumental in driving crypto adoption across India.

Sumit Gupta, Co-Founder of CoinDCX, said that building on six years of success and supporting more than 15 million Indians in their crypto journey, CoinDCX aims to become the go-to trading platform for crypto worldwide.

“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, capitalising on its mature market and the population’s keen interest in crypto investment,” Gupta said.

Explaining why BitOasis’ acquisition aligns perfectly with CoinDCX’s principle, Sumit further said that BitOasis was the first platform to register with the UAE Financial Intelligence Unit in 2021 and the company has maintained strong, constructive, and proactive relationships with regulators across the region since its launch. BitOasis’s licenses in Bahrain and the UAE reflect its longstanding and uncompromising commitment to operating within established regulatory frameworks.

“Joining forces with BitOasis, a platform available in 15 countries across the region, aligns perfectly with our vision. Last year, we strategically invested in BitOasis to bolster its regional presence. Now, 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 added.