In a significant move for the cryptocurrency market in the Middle East and North Africa (MENA), Dubai’s BitOasis, a leading regional crypto exchange, has been acquired by Indian counterpart CoinDCX.

This acquisition, announced today in a joint statement, underscores the growing importance and integration of global cryptocurrency markets.

A Profitable Deal for BitOasis Investors

CoinDCX invested in BitOasis less than a year ago, showing strong belief in the MENA-based crypto exchange. Though financial details are undisclosed, a CoinDCX spokesperson confirmed to TechCrunch that the deal was profitable for BitOasis investors, who will now receive equity in the Indian exchange.

BitOasis: A Success Story

Founded in 2016 by Ola Doudin, Tarek Kaylani, and Daniel Robenek, BitOasis has made a significant impact on the crypto market in MENA.

The platform lets retail and high-net-worth investors trade over 60 cryptocurrencies using AED, SAR, and USD. BitOasis has processed over $6 billion in trading volume, with more than 50% in the last 18 months.

Challenges and Comeback

Despite its success, BitOasis faced regulatory challenges last year when VARA suspended its operational license due to compliance issues. However, it made a comeback with VARA lifting the suspension in April, allowing the exchange to reopen to new users. Additionally, BitOasis secured a Category 2 license from the Central Bank of Bahrain, enhancing its regulatory compliance and regional presence.

CoinDCX’s Strategic Acquisition

CoinDCX, established in 2018, is one of India’s leading crypto exchanges, boasting a user base of over 15 million and a quarterly trading volume exceeding $840 million in 2024. The acquisition aligns with CoinDCX’s strategic plans to expand internationally, beginning with the MENA region. Sumit Gupta, Co-Founder of CoinDCX, estimates that BitOasis will help generate an additional $30 to $50 million in annual revenue for the company.

Commitment to Compliance and Customer-Centricity

Commenting on the acquisition, Sumit Gupta emphasized CoinDCX’s commitment to investor protection and regulatory compliance. “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,” he said.

Ola Doudin, Co-Founder & CEO of BitOasis, echoed similar sentiments, highlighting the shared values between the two companies. “CoinDCX’s acquisition marks an exciting new chapter for BitOasis, one that propels us forward on much stronger ground. Since the start of BitOasis, trust and regulatory compliance has been a key pillar in our mission to drive crypto adoption across MENA.”

Looking Ahead

With the acquisition, BitOasis’s brand and leadership will remain unchanged, ensuring continuity and stability for its users. The integration of BitOasis into CoinDCX’s ecosystem is expected to bring enhanced capabilities and resources, benefiting users across both platforms.

In conclusion, the acquisition of BitOasis by CoinDCX is a landmark event in the MENA cryptocurrency industry. It signifies the growing global integration of crypto markets and underscores the importance of regulatory compliance and investor protection.

As CoinDCX expands its footprint in the MENA region, users can look forward to a more robust and innovative crypto trading experience.