Dubai-based cryptocurrency exchange BitOasis gets taken over by Indian crypto platform CoinDCX.
In a strategic move to expand its global footprint in crypto trading, Indian crypto exchange CoinDCX has acquired BitOasis, a leading crypto exchange based in the Middle East & North Africa (MENA) region. The acquisition, which took place in 2024, is projected to contribute over 30% of CoinDCX's total revenue by 2026 [1][3][5].
Since its inception in 2016, BitOasis has processed over $6 billion in trading volume, with over 50% of this volume processed in the past year and a half. The exchange enables retail investors and high-net-worth individuals to buy, sell, and hold over 60 cryptocurrencies with fiat currencies like AED, SAR, and USD [2].
The acquisition has been instrumental in boosting CoinDCX’s overall ecosystem revenues. The DCX Group, which includes CoinDCX India, BitOasis, and other subsidiaries, recorded Rs 1,179 crore in annualized revenue with transaction volumes of Rs 13.7 lakh crore, reflecting strong growth driven partly by BitOasis’s regional presence [3][5].
CoinDCX is leveraging BitOasis to access and scale operations in MENA, a fast-growing crypto market. The company is also enhancing regulatory compliance by securing licenses from the Dubai Virtual Assets Regulatory Authority (VARA) and Bahrain’s regulatory bodies [3][4].
Following the acquisition, BitOasis has launched new initiatives like its expansion into Bahrain and India-specific products such as the Crypto Investors Protection Fund and Bharat Custody to secure investor confidence. CoinDCX Prime platform, launched in 2024, targets high-net-worth individuals and institutional clients [3][4][2].
To strengthen security measures, CoinDCX has instituted a bug bounty program and partnered with security providers, ensuring customer fund safety across regions. This move comes after a $44 million hack incident in 2025 [3][4][2].
Ola Doudin, Co-Founder & CEO of BitOasis, expressed excitement about the acquisition by CoinDCX. BitOasis's brand and leadership will remain unchanged following the acquisition [1].
Notable crypto exchanges in the MENA region include Rain, CoinMENA, and Fasset. BitOasis currently has over $210 million in assets under custody [1].
In 2024, BitOasis faced a setback when Dubai's Virtual Assets Regulatory Authority suspended its operational license due to compliance issues. However, the exchange has since made a comeback with VARA lifting the suspension in April this year [1].
Sumit Gupta, the co-founder of CoinDCX, estimates that based on current market conditions, BitOasis should help CoinDCX generate an additional $30 to $50 million in annual revenue [1].
In summary, CoinDCX’s acquisition of BitOasis is a financially substantial and strategically critical step to establish a strong regulated presence in MENA, diversify revenue, and bolster security and compliance frameworks as part of its global growth plan [1][3][4].
[1] CoinDCX Acquires BitOasis to Expand Global Footprint and Bolster MENA Presence, CoinDCX Blog, link [2] CoinDCX Announces Security Measures Following Hack Incident, CoinDCX Blog, link [3] CoinDCX Q3 2024 Earnings Report, CoinDCX Investor Relations, link [4] BitOasis Achieves Regulatory Milestones, BitOasis Press Release, link [5] CoinDCX Q2 2024 Earnings Report, CoinDCX Investor Relations, link
Technology plays a pivotal role in the success of CoinDCX and BitOasis, enabling the trading of over 60 cryptocurrencies with fiat currencies like AED, SAR, and USD, and providing a platform for trading volume processed worth over $6 billion [2]. By leveraging technology, CoinDCX also strengthens security measures, institutes bug bounty programs, and partners with safety providers to ensure the safety of customer funds across regions [3][4][2].
