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HomeLaw & PoliticsUAE based crypto exchange BitOasis layoff employees amid crypto market crash

UAE based crypto exchange BitOasis layoff employees amid crypto market crash

BitOasis, a UAE-based crypto exchange, revealed on June 19 that the company has cut off 9 staff as part of a cost-cutting strategy. The recent employment layoffs foresee another prolonged cryptocurrency drop, which will result in significant upheavals. According to the corporation, the layoffs account for around 5% of the total staff. Ola Doudin, CEO of BitOasis, stated in an email:

Early this week, 9 staff were dismissed across the offices in Abu Dhabi, Dubai, and Amman.”

BitOasis is a Middle Eastern-focused crypto exchange, and was established in Dubai in 2015. It also serves Arabic and English-speaking people in the Gulf area. In terms of transaction volume, BitOasis is the biggest Virtual Asset Service Provider (VASP) in the UAE.

BitOasis is certified by the UAE Central Bank’s Department of Financial Services to operate a Multilateral Trading System at the Abu Dhabi Global Market. It’s an international financial centre (IFC) in Dubai, UAE. It was authorised as a Virtual Asset Service Provider in 2021. The company was also granted tentative approval by the Virtual Assets Regulatory Authority (VARA) of Dubai in March 2022.

BitOasis follows the trend of layoffs

Last week recorded a substantial drop in crypto values, as well as worry among traders, who started trading off their holdings in large numbers. The values of leading cryptocurrencies such as Bitcoin and Ethereum have plunged by more than 70% from their high levels. The whole crypto market capitalization has fallen under $1 trillion, a huge decline from the high point of around $3 trillion. Following the recent cryptocurrency meltdown, numerous companies have reduced their workforces.

BitOasis is the newest company in the industry to declare major layoffs in the midst of the recent decline and market turbulence. In recent months, the workplace has been difficult, with many crypto companies struggling to survive a winter in which prices have plummeted dramatically. 

On June 14, Coinbase fired 18% of its workforce in order to maintain a healthy firm in the midst of the present economic downturn. Approximately 1,100 full-time employees were fired from the company. Similarly, on June 13, crypto enterprises such as BlockFi laid off 20% of their workers. Also on June 11, announced a 5% layoff of 260 employees. Plenty of others have also lately announced big layoffs.

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