May 15, 2025, Bahrain After obtaining a license from the Central Bank of Bahrain (CBB), BitOasis, a well-known cryptocurrency exchange with operations in the Middle East and North Africa, has formally opened for business in Bahrain. An important step in the strategic growth of Indian cryptocurrency company CoinDCX into the Gulf area has been taken with this move.
CoinDCX, which acquired BitOasis in July 2024, is leveraging this launch to accelerate its regional growth ambitions, aiming to onboard one million users in the Middle East by 2026.
“With the backing of CoinDCX and its 200+ strong tech team, we’re now delivering faster performance, deeper liquidity, and a significantly enhanced product suite,” said Ola Doudin, CEO and Co-Founder of BitOasis.
BitOasis Bahrain will serve a diverse clientele, including retail traders, institutional investors, and high-net-worth individuals. The platform offers access to over 80 digital assets and has introduced premium features such as VIP services and dedicated institutional support.
The debut occurs at a time when the MENA region’s cryptocurrency scene is expanding thanks to progressive laws and a populace that is tech-savvy. For example, the UAE has a 99% internet penetration rate and about 60% of its population is under 30 years old, making it a prime location for digital innovation.
The GCC’s cryptocurrency industry was estimated to be worth $744.3 million in 2024 and is projected to expand at a compound annual growth rate (CAGR) of 16.75% to reach $3.5 billion by 2033, according to a report by IMARC Consulting.
“For CoinDCX, MENA is not a market to merely enter—it’s a region to co-build,” said Sumit Gupta, Co-Founder of CoinDCX. “This launch reinforces our commitment to building the most secure, compliant, and future-ready crypto platform in the region.”
BitOasis previously secured a full Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority in December 2024. Since its inception in 2016, the platform has processed over $7.4 billion in trading volume and raised more than $40 million in funding.
