Bank

India’s largest 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 first step into the MENA market, revealing a more expansive move by the crypto firm.
BitOasis, known for having one of the highest trading volumes in Emirati dirhams, signifies a substantial strategic move by CoinDCX to expand its presence in the region.
Related: <a href="https://cointelegraph.com/news/robinhood-buy-bitstamp-crypto-exchange">Robinhood to buy Bitstamp crypto exchange to enable institutional trading in US</a>
<h2 data-ct-non-breakable="true" id="regulatory-motivations">Regulatory motivations</h2>
BitOasis recently secured a Virtual Assets Regulatory Authority (VARA)-issued minimum viable product (MVP) operational license from the Central Bank of Bahrain (CBB).&nbsp;
This license allows BitOasis to operate as a broker-dealer under strict regulatory conditions and ensures the platform’s operations are regulated and comply with legal parameters.
Speaking with Cointelegraph, Sumit Gupta, co-founder of CoinDCX, explained that BitOasis will continue to operate independently under its existing licenses, “supervised by the relevant regulatory authorities.”&nbsp;
Related: <a href="https://cointelegraph.com/news/crypto-exchange-bybit-netherlands">Bybit crypto exchange launches trading platform in the Netherlands</a>
<h2 data-ct-non-breakable="true" id="user-implications">User implications</h2>
The user experience on both platforms is anticipated to improve as the acquisition promises a broader product offering and increased trading and token range options.
Speaking with Gupta about the implications on user accounts, he explained that accounts would not be migrated or linked between BitOasis and CoinDCX.&nbsp;
<blockquote data-ct-non-breakable="true">
 “Users’ personal data will remain protected in line with BitOasis’ privacy policy and applicable law and regulation users’ assets and funds will remain fully segregated and kept safe in line with applicable regulatory requirements.”
</blockquote>
Related: <a href="https://cointelegraph.com/news/indian-crypto-exchanges-binance-okx-investors-post-fiu-ban">Indian crypto exchanges lure in Binance, OKX investors after FIU ban</a>
<h2 data-ct-non-breakable="true" id="coindcx-1-million-investor-fund">CoinDCX $1 million investor fund</h2>
In January, Gupta spoke with Cointelegraph <a href="https://cointelegraph.com/news/indian-crypto-exchanges-binance-okx-investors-post-fiu-ban">about allocating a $1 million fund</a> to assist investors seeking to transfer their assets from non-compliant platforms to CoinDCX.
With an estimated $4 billion invested in cryptocurrency on offshore exchanges by Indian investors, recent regulatory changes have sparked significant concern.
Gupta explained that CoinDCX was “actively supporting users” by establishing secure deposit routes and offering a 1% bonus to users looking to move to the regulated crypto exchange.
Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-price-ethereum-etf-thomas-fahrer/">Bitcoin $500K prediction, spot Ether ETF ‘staking issue’— Thomas Fahrer, X Hall of Flame</a>

CoinDCX crypto exchange acquires BitOasis, expands into MENA region

Mục lục

Cointelegraph

Các bài viết khác được xuất bản trên 3 thg 7, 2024

After Long Decline Bulls Showed Presence, Can W Rise 50%?

Bitcoin’s Bull Run – Insights from Historical Trends: Is it Ending or Just Pausing?

$1.2 billion of crypto loss in six months, Will it control or not?

Shiba Inu (SHIB) Derivatives Volume Declines: Analysing the Decline and Its Price Impact

Bitwise Files Amended S-1 for Ethereum ETF Ahead of Launch Deadline

UAE digital bank to utilize Swiss Fintech Taurus for digital asset infrastructure

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!