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UAE crypto exchange reduced workforce due to market downturn – News

The ongoing decline in the crypto market for the last few months has affected the firms associated with this segment. Some crypto exchanges and firms have also done layoffs because of this. United Arab Emirates (UAE) crypto exchange BitOasis has reported that it has laid off some of its employees due to the recession.

In the US, there has been a lot of sell-off in the crypto market after the Federal Reserve raised interest rates to control inflation and banned the transactions of customers of crypto lending firm Celsius Network. BitOasis was started about seven years ago in Dubai and serves customers in Gulf countries. Its spokesperson said the workforce has been reduced by about 5 percent. BitOasis CEO and Co-Founder Ola Doudin in an email Told “Employees removed from offices in Dubai, Abu Dhabi and Amman.”

BitOasis received permission from Abu Dhabi Global Markets to offer a range of trading services last year. It is registered with the Financial Intelligence Unit of the UAE Central Bank as a virtual asset service provider. In March, BitOasis received temporary permission from the Virtual Assets Regulatory Authority (VARA) of Dubai. Earlier, Coinbase, one of the major crypto exchanges, has decided to reduce its workforce by 18 percent due to the big drop in the digital assets segment. Decision did.

Headquartered in the US, the firm says that it has taken this step to cut costs in this difficult period of the industry. The decision is expected to result in layoffs of over 1,000 employees of the exchange. Brian Armstrong, the exchange’s chief executive officer, said in a blog post, “The difficult decision has been taken to reduce the size of our team by approximately 18 percent. This will ensure the firm’s position during economic slowdowns.” Taking the responsibility of hiring for the exchange, he said that a lot of people were recruited in the last few months and this is now affecting the efficiency of the firm. Recently crypto trading and lending platform BlockFi announced the layoffs of around 200 employees and crypto exchange about 260 employees.

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