DUBAI : BitOasis, a Middle East-focused cryptocurrency exchange based in the United Arab Emirates, said on Sunday it laid off nine of its staff, the latest company in the sector to cut jobs in the face of a downturn and market turmoil.
The cryptocurrency market has been rocked by extreme volatility with crypto lender Celsius Network freezing withdrawals early last week as investors dumped risky assets on fears about aggressive Federal Reserve rate hikes to cool red hot inflation. On Tuesday, cryptocurrency exchange Coinbase Global Inc said it was slashing 1,000 jobs, or 10 per cent of its workforce."Earlier this week, nine employees were made redundant across offices in Dubai, Abu Dhabi and Amman," its CEO and co-founder Ola Doudin said in an email.
BitOasis received provisional approval from Dubai's Virtual Assets Regulatory Authority in March 2022.
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