CoinDCX Makes a Sensation in the MENA Market with BitOasis Acquisition

Cryptocurrency exchange CoinDCX has acquired BitOasis, a virtual asset trading platform operating in the Middle East and North Africa (MENA) region. The acquisition marks CoinDCX’s entry into the MENA market, signaling a strategic expansion.

Sumit Gupta, Co-Founder of CoinDCX, Source: LinkedIn

BitOasis, known for its significant trading volumes of UAE dirhams, is a major step by CoinDCX to strengthen its presence in the region.

BitOasis recently obtained a Minimum Viable Product operating license issued by the Virtual Assets Regulatory Authority from the Central Bank of Bahrain. This license allows BitOasis to operate as a broker-dealer under strict regulatory supervision, ensuring compatibility with the legal framework.

Sumit Gupta, co-founder of CoinDCX, explained that BitOasis will operate independently under its current licenses, subject to regulatory oversight. acquisition It is expected to improve user experiences across both platforms by offering a wider range of products and expanding trading opportunities.

Gupta confirmed that BitOasis and CoinDCX user accounts will remain separate, with no migration or merging.

Announcement of staff reduction

Last year, CoinDCX announced job cuts that affected about 12% of its employees, citing challenging macroeconomic conditions exacerbated by the prolonged cryptocurrency market slump, Finance Magnates reported.

Like other exchanges like KuCoin, Luno, and Gemini, CoinDCX attributes the layoffs to factors such as high inflation and a phenomenon colloquially known as the “crypto winter,” a period of persistently low prices.

A significant addition to these challenges is the impact of India’s Tax Deduction at Source (TDS) rules on cryptocurrency transactions, implemented to collect taxes directly at the source of income. Since July 2022, a 1% TDS has been in place for cryptocurrency transactions, negatively impacting domestic exchange volumes and revenues.

In response to these challenges, CoinDCX has implemented cost optimization, increased automation, and simplified its product offering as part of its long-term business strategy.

Redundant employees will receive a support package including severance pay equal to the full notice period plus one additional month, settlement of outstanding vacation time, and extended health insurance.

Sumit Gupta, Co-Founder of CoinDCX, Source: LinkedIn

BitOasis, known for its significant trading volumes of UAE dirhams, is a major step by CoinDCX to strengthen its presence in the region.

Gupta confirmed that BitOasis and CoinDCX user accounts will remain separate, with no migration or merging.

Announcement of staff reduction

In response to these changes, CoinDCX has implemented cost optimization, increased automation, and simplified its product offering as part of its long-term business strategy.