COINDCX CASHES IN ON CRYPTO CHAOS: INDIA’S LEADING EXCHANGE EXPANDS INTERNATIONALLY BY BUYING OUT MIDDLE EASTERN FIRM
In a shocking move, CoinDCX, India’s beleaguered crypto exchange, has announced its expansion into international markets by acquiring BitOasis, a Middle Eastern digital asset platform. This is a clear attempt by CoinDCX to escape the suffocating regulatory environment in India, where crypto is increasingly viewed as a dirty word.
Despite being valued at a whopping $2.1 billion, CoinDCX is under intense pressure from the Indian government’s crackdown on crypto, which has led to a decline in trading volumes. But instead of addressing these regulatory issues, CoinDCX is abandoning ship and setting its sights on foreign markets.
The acquisition of BitOasis is a clear attempt by CoinDCX to capitalize on the more welcoming regulatory environment in the Middle East and North Africa (MENA) region. BitOasis has already processed a staggering $6 billion in trading volume since its founding in 2016, making it a lucrative prize for CoinDCX.
But this is not just about CoinDCX expanding its operations – it’s also about dodging the Indian government’s efforts to ban crypto altogether. With this acquisition, CoinDCX is effectively circumventing the Indian regulatory landscape and opening up new avenues for crypto trading in more permissive markets.
So, will CoinDCX’s bold move pay off? Only time will tell, but one thing is certain – the Indian government is not happy about this development. In fact, the acquisition of BitOasis is likely to draw the ire of Indian regulators, who have been cracking down on crypto for months.
As the global crypto landscape continues to evolve, CoinDCX’s decision to expand internationally sends a clear message: the Indian government is willing to do whatever it takes to suffocate the crypto industry, even if it means abandoning its own citizens.
