Middle East-focused crypto company BitOasis cuts tasks in the middle of sector chaos

Representation of cryptocurrency bitcoin is seen in this illustration taken November 29,2021 REUTERS/Dado Ruvic

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DUBAI, June 19 (Reuters) – BitOasis, a Middle East-focused cryptocurrency exchange based in the United Arab Emirates, stated on Sunday it laid off 9 of its personnel, the current business in the sector to cut tasks in the face of a decline and market chaos.

The cryptocurrency market has actually been rocked by severe volatility with crypto lending institution Celsius Network freezing withdrawals early recently as financiers discarded dangerous possessions on worries about aggressive Federal Reserve rate walkings to cool red hot inflation.

On Tuesday, cryptocurrency exchange Coinbase Global Inc ( COIN.O) stated it was slashing 1,000 tasks, or 10% of its labor force. learn more

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BitOasis was established in Dubai in 2015 and serves English and Arabic speaking consumers in the Gulf.

” Earlier today, 9 staff members were made redundant throughout workplaces in Dubai, Abu Dhabi and Amman,” its CEO and co-founder Ola Doudin stated in an e-mail.

A representative for the business stated this represented almost 5% of the business’s labor force.

In 2021, BitOasis got consent to run a Multilateral Trading Facility from the Abu Dhabi Global Market and is signed up as a Virtual Asset Service Provider with the Financial Intelligence Unit of the UAE reserve bank.

BitOasis got provisionary approval from Dubai’s Virtual Assets Regulatory Authority (VARA) in March 2022.

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Reporting by Saeed Azhar; Editing by Emelia Sithole-Matarise

Our Standards: The Thomson Reuters Trust Principles.

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