BitOasis secured a license in Bahrain, enabling independent operations following acquisition.
Users of both platforms will find their accounts remaining separate.
Cryptocurrency exchange CoinDCX, has acquired BitOasis, a
virtual asset trading platform operating in the Middle East and North Africa
(MENA) region. The acquisition marks CoinDCXβs entry into the MENA market, signalling
a strategic expansion.
Acquisition Enhances Crypto Landscape
BitOasis, known for its significant trading volumes in
Emirati dirhams, represents a substantial move by CoinDCX to bolster its
presence in the region.
BitOasis recently obtained a Minimum Viable Product
Operational License issued by the Virtual Assets Regulatory Authority from the
Central Bank of Bahrain. This license permits BitOasis to function as a
broker-dealer under stringent regulatory oversight, ensuring compliance with
legal frameworks.
Sumit Gupta, Co-Founder of CoinDCX, clarified that BitOasis
will operate independently under its current licenses, subject to regulatory
supervision. The acquisition is expected to enhance user experience
across both platforms, offering a wider array of products and expanding trading
options.
Gupta confirmed that user accounts on BitOasis and CoinDCX
will remain separate without any migration or linkage.
Staff Reduction Announcement
Last year, CoinDCX
announced a workforce reduction affecting approximately 12% of its
employees, citing challenging macroeconomic conditions exacerbated by a
prolonged 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's
colloquially termed as 'crypto winter', a period of sustained low prices.
A significant addition to these challenges is the impact of
India's Tax Deducted at Source (TDS) regulations on cryptocurrency
transactions, implemented to collect taxes directly at the source of income.
Starting July 2022, a 1% TDS applies to crypto transactions, negatively
impacting domestic exchange volumes and revenues.
In response, CoinDCX has implemented cost optimizations,
increased automation, and streamlined its product offerings as part of its
long-term business strategy.
The laid-off employees will receive a support package
comprising severance equivalent to their full notice period plus an additional
month, settlement of accrued leave, and extended health insurance coverage.
Cryptocurrency exchange CoinDCX, has acquired BitOasis, a
virtual asset trading platform operating in the Middle East and North Africa
(MENA) region. The acquisition marks CoinDCXβs entry into the MENA market, signalling
a strategic expansion.
Acquisition Enhances Crypto Landscape
BitOasis, known for its significant trading volumes in
Emirati dirhams, represents a substantial move by CoinDCX to bolster its
presence in the region.
BitOasis recently obtained a Minimum Viable Product
Operational License issued by the Virtual Assets Regulatory Authority from the
Central Bank of Bahrain. This license permits BitOasis to function as a
broker-dealer under stringent regulatory oversight, ensuring compliance with
legal frameworks.
Sumit Gupta, Co-Founder of CoinDCX, clarified that BitOasis
will operate independently under its current licenses, subject to regulatory
supervision. The acquisition is expected to enhance user experience
across both platforms, offering a wider array of products and expanding trading
options.
Gupta confirmed that user accounts on BitOasis and CoinDCX
will remain separate without any migration or linkage.
Staff Reduction Announcement
Last year, CoinDCX
announced a workforce reduction affecting approximately 12% of its
employees, citing challenging macroeconomic conditions exacerbated by a
prolonged 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's
colloquially termed as 'crypto winter', a period of sustained low prices.
A significant addition to these challenges is the impact of
India's Tax Deducted at Source (TDS) regulations on cryptocurrency
transactions, implemented to collect taxes directly at the source of income.
Starting July 2022, a 1% TDS applies to crypto transactions, negatively
impacting domestic exchange volumes and revenues.
In response, CoinDCX has implemented cost optimizations,
increased automation, and streamlined its product offerings as part of its
long-term business strategy.
The laid-off employees will receive a support package
comprising severance equivalent to their full notice period plus an additional
month, settlement of accrued leave, and extended health insurance coverage.
Bitwise Creates an XRP ETF Trust: Will There Be Another Crypto ETF?
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
π£ Stay updated with the latest in finance and trading!
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Relive the best moments from the Finance Magnates Pacific Summit 2024 with our highlights video! β¨
From action-packed moments, insightful speaker sessions, the exclusive Opening Blitz, and immersive workshops, this video captures the energy and excitement of FMPS:24. Whether you attended or missed out, hereβs your chance to experience the top moments that made FMPS:24 unforgettable.
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Don't miss out on our latest videos, interviews, and event coverage.
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Relive the best moments from the Finance Magnates Pacific Summit 2024 with our highlights video! β¨
From action-packed moments, insightful speaker sessions, the exclusive Opening Blitz, and immersive workshops, this video captures the energy and excitement of FMPS:24. Whether you attended or missed out, hereβs your chance to experience the top moments that made FMPS:24 unforgettable.
π¬ Watch, share, and join the conversation!
Donβt forget to use the hashtags #fmps #fmps24 #FMevents when sharing.
Stay tuned for more events. See you next time!
π£ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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