Skip to content Skip to Search
Skip navigation

Indian crypto exchange buys UAE’s BitOasis

BitOasis crypto Sumit Gupta and Neeraj Khandelwal, Cofounders, CoinDCX CoinDCX
Sumit Gupta, right, with CoinDCX co-founder Neeraj Khandelwal, left, said the BitOasis acquisition would 'establish an even more formidable foothold across the Mena region'
  • Purchase sum is undisclosed
  • Acquisition makes BitOasis ‘much stronger’
  • GCC attracted $390bn virtual assets

CoinDCX, the largest cryptocurrency exchange in India, has bought UAE-based crypto exchange BitOasis for an undisclosed amount.

CoinDCX co-founder Sumit Gupta said the move would “establish an even more formidable foothold across the Mena region”.

The Middle East-focused BitOasis, founded in 2016 by Ola Doudin, Tarek Kaylani and Daniel Robenek, has processed more than $6 billion in trading volume and raised more than $40 million in funding. 

In July last year, the company fell foul of Dubai’s Virtual Assets Regulatory Authority (Vara) and had its minimum viable product operational licence suspended. The licence has since been reinstated.

Last month BitOasis secured a Category 2 crypto-asset services licence from the Central Bank of Bahrain, allowing the broker-dealer platform to go live in the kingdom in the second half of this year.

Doudin said the acquisition would “propel” BitOasis forward “on a much stronger ground”.

The GCC was the fastest growing market for virtual assets in 2021-22, with a total value of $566 billion received, according to Chainalysis, a data provider.

It continued to attract virtual assets in 2022-2023, receiving a total of $390 billion, despite difficult market conditions.

Global exchanges such as OKX, eToro, Nomura’s Laser Digital, and the world’s largest exchange, Binance, have established significant operations in the region.

Dubai and Abu Dhabi have set up comprehensive laws for digital assets, addressing many regulatory gaps found elsewhere, even as other governments around the world have tightened regulations and sounded alarms over the industry’s risks. 

Last month the UAE introduced its payment token services regulation in an attempt to push out fraudulent crypto companies and attract legitimate businesses.

The new rules from the Central Bank of the UAE focus heavily on stablecoins, digital currencies pegged to a real-world asset such as the UAE dirham.

Latest articles

Mazaya Holding Oman fraud

Al Mazaya reports legal proceedings after alleged fraud

The Omani subsidiary of Al Mazaya Holding has uncovered alleged fraudulent activity by employees of the company, estimated at OR242,000 ($628,000). A criminal complaint has been filed by the Kuwait-based real estate development giant against “some of the company’s employees” regarding collections of the sale and rent of some units, according to filings on Boursa […]

ADQ's holdings include Abu Dhabi National Energy Company (Taqa) and are worth almost $200 billion

ADQ: how Abu Dhabi’s ‘baby’ fund is finding its feet

Abu Dhabi sovereign wealth fund ADQ may be the younger, smaller sibling of ADIA and Mubadala but there are no signs of an inferiority complex as it executes billion-dollar deals at home and overseas. Most notable was the $35 billion agreement signed with the Egyptian government in February this year to develop Ras El Hekma, […]

Suriname oil

QatarEnergies buys into Suriname oil expansion

The state-owned giant QatarEnergy has signed a deal with US oil company Chevron to acquire a 20 percent interest in a production-sharing contract for an offshore concession in the South American country of Suriname. Chevron will keep a 40 percent interest in Surname’s block 5, as will Paradise Oil, an affiliate of Suriname’s national oil […]


Rakbank plans first bond to fund social projects

The National Bank of Ras Al Khaimah (Rakbank) is planning to launch its first social bond issuance, a news report has said. The Abu Dhabi-listed bank is seeking bids for the five-year benchmark-sized dollar-denominated bond, Reuters reported. The initial price was set at 170 basis points over US Treasuries, with the final pricing expected on confirmed […]