By George Ward
Prominent Indian crypto exchange CoinDCX has acquired BitOasis in a move depicting its dominance in the digital asset space. The purchase is part of CoinDCX’s aim to penetrate the Middle East and North Africa (MENA) market, building on its 15 million user base in India.
BitOasis’ Expansion Plan
Following the completion of a recent acquisition, BitOasis, the Dubai-based crypto exchange, is planning to strengthen its footprint in the Middle East region. The move is part of the company’s objective to grow its operations throughout this region.
According to the company’s statement, BitOasis has obtained a license to operate as a broker-dealer in Bahrain. Furthermore, BitOasis also possesses a license in the United Arab Emirates, placing it in a position to be a serious competitor in the cryptocurrency industry.
CoinDCX’s Growth
With a user base that exceeds 15 million and quarterly spot trading volumes that reach $840 million, CoinDCX is one of the main cryptocurrency exchanges in India. Moreover, the company is actively interacting with India’s Financial Intelligence Unit (FIU) to negotiate the intricate terrain of its licensing laws successfully.
Despite the growing government scrutiny, India remains a hotbed for adopting cryptocurrencies, making it one of the fastest-developing markets worldwide. Hence, it is no surprise that Binance intended to re-enter the Indian market.
Bitget’s Strategic Move
Furthermore, another notable cryptocurrency exchange, Bitget, considers India a market of high importance. According to Simran Alphonso, Head of Global Communications at Bitget, the company is making a concerted effort to comply with local rules and provide Indian users with an efficient service.
Hence, Bitget is undertaking user awareness initiatives to educate investors about digital assets to develop a strong presence in the market. Furthermore, Bitget aims to preserve trust and transparency by providing data that can be verified by the Proof of Reserves and by making wallet addresses accessible to everyone regardless of status.
Thus, users can feel more at ease regarding the safety and authenticity of their funds. To further prove its dedication to regulatory compliance, Bitget has also obtained licenses to operate as a Virtual Asset Service Provider (VASP) in Lithuania and Poland.
The exchange also adopted tough Know Your Customer (KYC) procedures to prevent the illegal use of digital assets and to improve its security measures. These actions are a component of Bitget’s objective of providing a regulatory-compliant and secure trading environment.
User Protection and Market Growth
Notably, the Bitget Protection Fund, which had an average valuation of $429 million in June 2024, is an essential component of the user protection policy that Bitget has implemented. Since its start in August 2022, this fund has provided a safe environment for trading financial instruments.
Additionally, Bitget reaped massive benefits from the current spike in interest in cryptocurrencies, following BTC’s peak price in March 2024. As a result of this boom, Bitget’s client base has reached 25 million.
Furthermore, the Bitget native token (BGB) reached the $1 threshold recently (an almost 135% rise in its year-on-year value), further solidifying the exchange’s market position. The rapid expansion of Bitget’s user base and the price appreciation of its native token are indicators of users’ growing confidence in the platform. At the time of writing, BGB was down 5.33% and traded at $1.14, according to on-chain data.