Indian cryptocurrency exchange CoinDCX announced on Wednesday that it has acquired Dubai-based trading platform BitOasis. This acquisition comes as the Indian crypto market faces regulatory headwinds.
It also marks the exchange’s first expansion into the Middle East and North Africa (MENA) region.
A Strategic Move Amid Regulatory Challenges
CoinDCX is one of India’s leading crypto exchanges, with over 15 million users and quarterly spot trading volumes exceeding $840 million. The exchange is facing a complex regulatory landscape in its home country.
India’s central bank continues to pressure lenders to avoid doing business with crypto firms. Additionally, the country imposes a hefty 30% tax on crypto gains.
The acquisition of BitOasis, which is licensed in the United Arab Emirates and recently secured a broker-dealer license in Bahrain, provides CoinDCX with a foothold in the growing MENA crypto market.
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BitOasis has raised over $40 million in funding during its eight-year history. Under the new ownership, it will also retain its branding and leadership.
While financial terms were not disclosed, a CoinDCX spokesperson revealed that BitOasis investors would receive equity in CoinDCX.
This expansion aligns with a broader trend among Indian crypto firms seeking to diversify their operations and explore new markets.
India has been tough on foreign crypto exchanges, including Binance. The country has imposed a penalty, delisted the exchange app, and blocked access to the website.
However, recent reports indicate that Binance is reentering the Indian market and is ready to comply with AML regulations.
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