Eye On MENA Expansion: CoinDCX Launches BitOasis In Bahrain

Homegrown crypto exchange CoinDCX has expanded its presence in the Middle East and North Africa (MENA) region with the launch of its virtual asset trading platform BitOasis in Bahrain. 

In a statement, the company said that BitOasis was launched in the Middle-Eastern nation after receiving a crypto-asset services license from the Central Bank of Bahrain. CoinDCX said that its platform will cater to all types of traders including retail, corporate, and institutional users. 

“Our expansion into the MENA region is driven by clear regulatory frameworks, a growing investor appetite, and larger HNI investment ticket sizes. BitOasis brings unmatched regional credibility, while CoinDCX contributes the scale and innovation of a ‘Made in India’ platform,” said CoinDCX cofounder and CEO Sumit Gupta. 

It is pertinent to note that CoinDCX acquired Dubai-based BitOasis for an undisclosed amount last year. BitOasis claims to be the “leading” virtual assets trading platform in the Middle East and North Africa and claims to process the “highest trading volumes in Emirati Dirhams”.

Founded in 2016, BitOasis has processed over $7.4 Bn in trading volume and raised over $49 Mn in funding to date.

Meanwhile, Gupta claimed that BitOasis has grown 4X since acquisition, adding that the bloc now contributes more than 20% of CoinDCX’s revenues. He further anticipated that the region would account for over 30% of the company’s revenue by 2026. 

Chiming in, BitOasis cofounder and CEO Ola Doudin said that the MENA-focussed platform is eyeing 1 Mn users in the region by next year. 

“… CoinDCX’s 200+ strong technology team now powers the platform’s (BitOasis) backend, unlocking faster performance, deeper liquidity, stronger security, and a significantly enhanced product suite. Our ambition is clear: to reach one million users across the region by 2026, setting the gold standard for compliance, innovation, and customer experience,” added Doudin. 

Meanwhile, BitOasis also said that it has launched “premium” services, including dedicated customer support and local bank transfers for high-net-worth individuals (HNIs) and institutional clients to expand its presence in the region. 

That said, CoinDCX is rapidly expanding its footprint in the MENA region at a time when the bloc is rapidly emerging as one of the fastest-growing virtual asset markets globally. This has largely come on the back of high internet penetration, tech-savvy population and proactive regulation in the region.

As per a report, the Gulf Cooperation Council (GCC) crypto market is projected to become a $3.5 Bn opportunity by 2033. 

However, back home, there continues to be regulatory uncertainty over the sector. For instance, former RBI governor Shaktikanta Das, in January 2024, had said that crypto posed significant risks to the country’s macroeconomic stability.

Despite India reportedly leading the global crypto adoption in 2024 for the second year in a row, the Centre has adopted a heavy handed approach towards the sector including levying a 1% tax deducted at the source (TDS) on crypto transactions above INR 10K and a 30% capital gains tax on sale of virtual digital assets.

However, the union government, earlier this year, was reportedly re-examining its position on cryptocurrencies amid a global policy shift spurred by the US.