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, signalling a strategic expansion.
Acquisition Enhances Crypto Landscape
BitOasis, known for its significant trading volumes in Emirati dirhams, represents a substantial move by CoinDCX to bolster its presence in the region.
BitOasis recently obtained a Minimum Viable Product Operational License issued by the Virtual Assets Regulatory Authority from the Central Bank of Bahrain. This license permits BitOasis to function as a broker-dealer under stringent regulatory oversight, ensuring compliance with legal frameworks.
Sumit Gupta, Co-Founder of CoinDCX, clarified that BitOasis will operate independently under its current licenses, subject to regulatory supervision. The acquisition is expected to enhance user experience across both platforms, offering a wider array of products and expanding trading options.
Gupta confirmed that user accounts on BitOasis and CoinDCXwill remain separate without any migration or linkage.
CoinDCX acquires BitOasis in international expansion push https://t.co/bH7XjK2Krf
— TechCrunch (@TechCrunch) July 3, 2024
Staff Reduction Announcement
Last year, CoinDCX announced a workforce reduction affecting approximately 12% of its employees, citing challenging macroeconomic conditions exacerbated by a prolonged downturn in the crypto market, as reported by Finance Magnates.
Similar to other exchanges like KuCoin, Luno, and Gemini, CoinDCX attributed these layoffs to factors including high inflation and what's colloquially termed as 'crypto winter', a period of sustained low prices.
A significant addition to these challenges is the impact of India's Tax Deducted at Source (TDS) regulations on cryptocurrency transactions, implemented to collect taxes directly at the source of income. Starting July 2022, a 1% TDS applies to crypto transactions, negatively impacting domestic exchange volumes and revenues.
In response, CoinDCX has implemented cost optimizations, increased automation, and streamlined its product offerings as part of its long-term business strategy.
The laid-off employees will receive a support package comprising severance equivalent to their full notice period plus an additional month, settlement of accrued leave, and extended health insurance coverage.
This article was written by Tareq Sikder at www.financemagnates.com.
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