DUBAI: BitOasis, a Middle East-focused cryptocurrency exchange based in the United Arab Emirates, announced on Sunday that it had laid off nine of its employees, the latest company in the sector to cut jobs in the face of recession and global turbulence. market.
The cryptocurrency market has been rocked by extreme volatility with crypto lender Celsius Network freezing withdrawals early last week as investors dumped risky assets amid fears of aggressive rate hikes from the Federal Reserve. to cool the burning inflation.
On Tuesday, cryptocurrency exchange Coinbase Global Inc said it was cutting 1,000 jobs, or 10% of its workforce.
BitOasis was founded in Dubai in 2015 and serves English and Arabic speaking customers in the Gulf.
“Earlier this week, nine employees were made redundant in offices in Dubai, Abu Dhabi and Amman,” CEO and co-founder Ola Doudin said in an email.
A company spokesperson said this represented almost 5% of the company’s workforce.
In 2021, BitOasis received permission to operate an Abu Dhabi Global Market Multilateral Trading Facility and is registered as a Virtual Asset Service Provider with the Central Bank of United States Financial Intelligence Unit. United Arab Emirates.
BitOasis received provisional approval from Dubai’s Virtual Assets Regulatory Authority (VARA) in March 2022.