BitOasis, a cryptocurrency exchange with a focus on the Middle East that is based in the United Arab Emirates, announced on Sunday that it had terminated the employment of nine of its staff members.
This makes BitOasis the most recent company in the sector to reduce employment in response to a decline in business and turbulent market conditions.
The cryptocurrency market has been rocked by extreme volatility, which resulted in the cryptocurrency lender Celsius Network freezing withdrawals at the beginning of last week.
This occurred as investors dumped risky assets due to fears that the Federal Reserve will aggressively raise interest rates in an effort to cool red-hot inflation.
The digital currency exchange Coinbase Global Inc. said on Tuesday that it will be eliminating 1,000 employees, which is equivalent to 10 percent of its staff.
BitOasis is a digital currency exchange that was established in Dubai in 2015 and caters to consumers who understand English as well as Arabic in the Gulf region.
It was announced earlier this week that nine staff will be let go across the company’s locations in Dubai, Abu Dhabi, and Amman, its CEO and co-founder Ola Doudin stated in an email.
According to a representative for the corporation, this accounted for around 4.9 percent of the total employees at the company.
BitOasis was granted a license to operate a Multilateral Trading Facility by the Abu Dhabi Global Market in 2021.
Additionally, the company is registered as a Virtual Asset Service Provider with the Financial Intelligence Unit of the United Arab Emirates Central Bank.
The preliminary clearance for BitOasis was granted by Dubai’s Virtual Assets Regulatory Authority (VARA) in March of 2022.