CoinDCX Acquires Rival Exchange BitOasis for Business Expansion

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As a seasoned crypto investor, I’m always on the lookout for promising developments that could potentially impact my investments positively. The news of CoinDCX acquiring BitOasis to expand its business offerings in the MENA region is an exciting development that could have significant implications for both companies and their users.

The leading cryptocurrency exchange in India, CoinDCX, has announced the acquisition of BitOasis, a rival firm, to broaden its services in the Middle East and North Africa (MENA) area, without disclosing the purchase price.

I’ve observed that CoinDCX’s recent announcement signifies their initial foray into expanding their business beyond India’s borders. Earlier in the year, they unveiled their global expansion plans, and now, they believe the UAE and MENA markets present an ideal starting point.

Strengthening Product Offerings and Compliance

The merger between BitOasis and CoinDCX is anticipated to bring advantages to both companies and their customers. This transaction aims to improve their product portfolios and bolster their capabilities in adhering to local laws in each region.

Based on an email communication, BitOasis, known for its trustworthiness and regulatory compliance in the MENA area, aims to combine forces with another company to create a powerful partnership. Together, they intend to challenge major international exchanges like Binance and Coinbase.

As a researcher studying the latest developments in the cryptocurrency exchange market, I’ve come across an interesting announcement from CoinDCX: they will allow BitOasis to carry on serving the MENA (Middle East and North Africa) region as an independent entity, even though CoinDCX has taken ownership of it. There are no intentions whatsoever to merge BitOasis’s operations or customer base into CoinDCX’s existing services, nor will they adopt BitOasis’s business structures.

CoinDCX’s regulation and oversight will not be disrupted, allowing the company to carry on its business uninterrupted.

A New Regulatory License

The Indian exchange acknowledges the significant growth potential of the MENA region, where cryptocurrency usage is increasing, and intends to help BitOasis continue leading in these markets. Based in the United Arab Emirates (UAE), BitOasis is currently the largest crypto trading platform in the area, with a substantial portion of its monthly active users hailing from the UAE, Jordan, Saudi Arabia, and Egypt.

After being suspended in 2023, BitOasis has now been granted a minimum viable product (MVP) license by the Central Bank of Bahrain (CBB), enabling them to provide crypto services to users in the region.

The new crypto regulatory body in Dubai, called the Virtual Assets Regulatory Authority (VARA), granted approval for the license. This organization is tasked with regulating digital assets within the Emirates.

Under the authority of this permit, the corporation will function as a broker-dealer subject to stringent regulatory oversight. This means that the business platform’s activities will be governed by law and adhere to necessary regulations.

Users Assurance

As the new owner of BitOasis, I, Sumit Gupta from CoinDCX, want to assure all users that their funds are secure on our platform. Your accounts will continue to be managed by BitOasis, and I promise to uphold this commitment. Rest assured, your customer funds and personal data will be safeguarded in accordance with BitOasis’ privacy policies.

He assured that users’ private information would be safeguarded according to BitOasis’ privacy guidelines and legal regulations. Meanwhile, their assets and financial resources would be securely separated and shielded in compliance with the necessary regulatory standards.

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2024-07-03 18:16