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CoinDCX Makes MENA Market Splash with BitOasis Acquisition
Cryptocurrency exchange CoinDCX, has acquired BitOasis, avirtual asset trading platform operating in the Middle East and North Africa(MENA) region. The acquisition marks CoinDCXs entry into the MENA market, signallinga strategic expansion.
Acquisition Enhances Crypto Landscape
BitOasis, known for its significant trading volumes inEmirati dirhams, represents a substantial move by CoinDCX to bolster itspresence in the region.
BitOasis recently obtained a Minimum Viable ProductOperational License issued by the Virtual Assets Regulatory Authority from theCentral Bank of Bahrain. This license permits BitOasis to function as abroker-dealer under stringent regulatory oversight, ensuring compliance withlegal frameworks.
Sumit Gupta, Co-Founder of CoinDCX, clarified that BitOasiswill operate independently under its current licenses, subject to regulatorysupervision. The acquisition is expected to enhance user experienceacross both platforms, offering a wider array of products and expanding tradingoptions.
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, 2024Staff Reduction Announcement
Last year, CoinDCXannounced a workforce reduction affecting approximately 12% of itsemployees, citing challenging macroeconomic conditions exacerbated by aprolonged 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'scolloquially termed as 'crypto winter', a period of sustained low prices.
A significant addition to these challenges is the impact ofIndia's Tax Deducted at Source (TDS) regulations on cryptocurrencytransactions, implemented to collect taxes directly at the source of income.Starting July 2022, a 1% TDS applies to crypto transactions, negativelyimpacting domestic exchange volumes and revenues.
In response, CoinDCX has implemented cost optimizations,increased automation, and streamlined its product offerings as part of itslong-term business strategy.
The laid-off employees will receive a support packagecomprising severance equivalent to their full notice period plus an additionalmonth, settlement of accrued leave, and extended health insurance coverage.
This article was written by Tareq Sikder at www.financemagnates.com.
