BitOasis, a cryptocurrency exchange headquartered in Dubai, has achieved successful funding through a recent investment round, featuring Indian digital asset platform CoinDCX as a prominent investor.
According to a recent report by Bloomberg, the specific details of the funding arrangement and the resultant valuation of the exchange remain undisclosed. However, it has been unveiled that the participation of current investors Wamda Capital and Jump Capital has been instrumental in this recent financing endeavor.
Since its establishment in 2016, BitOasis has been at the forefront of providing cryptocurrency services across various nations in the Middle East, encompassing the United Arab Emirates, Saudi Arabia, Bahrain, and Kuwait. It is noteworthy that the cryptocurrency market within the Middle East and North Africa region has experienced a noteworthy surge, with a study by Chainalysis highlighting it as the swiftest growing market between mid-2021 and mid-2022.
This latest investment comes shortly after BitOasis achieved successful fundraising milestones in 2021, securing a substantial $30 million in funding. Notably, the company has been diligently advancing within the industry, notably obtaining one of Dubai’s “minimum viable product operational licenses” earlier this year. This pivotal license empowers BitOasis to provide broker-dealer services catering to digital assets intended for qualified investors.
However, the company encountered a setback in July when Dubai’s regulatory authorities expressed concern over its failure to comply with the requisite conditions stipulated by the local regulatory framework. An official alert was issued to BitOasis investors and clients, highlighting ongoing supervisory measures and enforcement actions taken against the exchange.
On the contrary, CoinDCX has achieved a significant milestone by attaining the esteemed status of India’s inaugural cryptocurrency unicorn. This accomplishment was realized by raising approximately $90 million from a group of investors spearheaded by B Capital Group, co-founded by Eduardo Saverin of Meta Platforms Inc. The resulting valuation of $1.1 billion has solidified CoinDCX’s prominent position in the industry.
Dubai Fortifies Regulatory Oversight of Cryptocurrency Entities
Dubai has emerged as a dynamic cryptocurrency hub on a global scale, attracting key players within the cryptocurrency domain. Notably, Binance, the world’s largest cryptocurrency exchange, extended its presence by establishing three offices within Dubai last year, having successfully obtained the requisite licenses for seamless operation.
Nonetheless, the nation has demonstrated an assertive approach towards cryptocurrency entities operating within its jurisdiction without securing the essential licensing, notwithstanding its aspirations to establish itself as a preeminent global cryptocurrency hub. In the month of April, Dubai’s regulatory authorities issued a stern warning to the OPNX crypto exchange, alleging its operation as an unlicensed and unregulated entity. Subsequently, Dubai’s Virtual Assets Regulatory Authority (VARA) issued a cease-and-desist order against the exchange.
Concurrently, Dubai’s cryptocurrency regulatory body has issued “minimum viable product operational licenses” to various companies, encompassing Bybit, Crypto.com, Binance, and OKX. These licenses have paved the way for these cryptocurrency enterprises to conduct their operations within the region in adherence to regulatory guidelines.