According to a press release published on Wednesday, June 3, 2024, this acquisition will enable CoinCDX, which initially invested in BitOasis in August 2023, to gain a notable foothold in the MENA region.
Notably, this acquisition follows BitOasis’ recent success in obtaining a broker-dealer license in Bahrain, complementing its existing license in the UAE. The move positions CoinCDX, which boasts over 15 million users and quarterly trading volumes exceeding $840 million, for significant growth in the MENA crypto market.
Excited to share that CoinDCX has acquired BitOasis, the leading crypto platform in the MENA region!
In six years, @CoinDCX has gone from a small startup to a multi-product and now multi-country organization.
This first-of-its-kind transformative deal will empower us to expand… pic.twitter.com/tELFPenxUI
— Sumit Gupta (@smtgpt) July 3, 2024
Sumit Gupta, Co-Founder of CoinDCX, noted in the press release that this move builds on the exchange’s six years of success in the Indian and market and further its goals of becoming “the go-to trading platform for crypto worldwide.”
BitOasis, founded in 2016 by Ola Doudin, Daniel Robenek, and Tarek Kaylani, has established itself as a preferred platform for retail, institutional, and high-net-worth individuals across the Gulf Cooperation Council (GCC) and broader MENA region. Since its inception, the exchange claimed it has processed over $6 billion in trading volume and raised more than $40 million from prominent regional and global investors.
Notably, BitOasis’s brand and leadership team will remain unchanged post-acquisition. According to the press release, this decision ensures a smooth transition, maintains continuity, and fosters synergy and partnership between the two companies.
Ola Doudin, CEO and Co-Founder of BitOasis, noted that the acquisition marks the beginning of a new era for the exchange, one that will accelerate its growth and development in the region.
The news was met with enthusiasm from the crypto community, with entrepreneurs and users alike expressing their support on social media. Debasish Das, a notable entrepreneur, congratulated CoinCDX and encouraged them to “Conquer the world!”
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BitOasis secured a full Dubai license
One of the most important developments after the acquisition came in December 2024, when BitOasis received a full Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).
The license upgraded BitOasis from its earlier provisional status and strengthened its ability to provide regulated virtual-asset services in Dubai. This gave CoinDCX a stronger regulatory base from which to expand in the region.
This is important because the acquisition was not simply about buying an established crypto exchange. CoinDCX also gained access to BitOasis’ relationships with regulators and its existing position in one of the world’s increasingly important crypto markets.
CoinDCX is using BitOasis as its regional platform
The acquisition have evolved from a simple geographic expansion into a strategy of building a regulated MENA operating base.
BitOasis already had a presence across several Middle Eastern markets and was one of the region’s established virtual-asset platforms. CoinDCX has been able to combine that local footprint with its technology, capital and experience in India’s crypto market.
The companies have also been targeting institutional customers rather than focusing exclusively on retail trading. That matters as the Gulf’s crypto market develops around regulated exchanges, custody, stablecoins and institutional digital-asset services.
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