Dubai-based BitOasis Secures Funding from CoinDCX and Others
Dubai-based cryptocurrency exchange BitOasis has received funding from investors, including Indian digital-asset platform CoinDCX. The specific terms of the deal and the valuation of the exchange have not been disclosed.
Key points:
- BitOasis secures funding from CoinDCX and existing investors Wamda Capital and Jump Capital.
- The Middle East and North Africa region experienced significant growth in the cryptocurrency market.
- BitOasis raised $30 million in 2021 and received an operational license earlier this year.
- Dubai authorities reprimanded BitOasis in July for not meeting required conditions.
- CoinDCX recently became India’s first cryptocurrency unicorn with a valuation of $1.1 billion.
Dubai’s Regulatory Oversight of Crypto Companies
Dubai has become a major crypto hub, attracting global players in the industry. However, the country has also been cracking down on unlicensed crypto companies.
Key points:
- Binance opened offices in Dubai after securing necessary licenses.
- Dubai authorities reprimanded the OPNX crypto exchange for operating without a license.
- Dubai’s Virtual Assets Regulatory Authority (VARA) issued cease-and-desist orders to unlicensed exchanges.
- Bybit, Crypto.com, Binance, and OKX have received MVP licenses to operate in the region.
Hot Take
The investment from CoinDCX and other investors demonstrates the growing interest and potential of the cryptocurrency market in the Middle East. Despite the regulatory challenges faced by BitOasis and other crypto companies in Dubai, the region is still attracting major players and seeking to establish itself as a global hub for the industry.
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