BitOasis Follows Layoff Trend and Binance Saves the Market

The cryptocurrency industry is on edge as Bitcoin, which has lost 57% so far this year and 37% this month, fell below $20,000 over the weekend for the first time since December 2020. 

The price fall is due to many factors, however, further declines could have a knock on effect on crypto exchanges as they continue to lay off their staff.

Nonetheless, it is important to mention that Binance has bought over 100k Bitcoins at $19,176 per coin this weekend, and shortly after that, the Bitcoin price retested the $20k level. Now, Bitcoin has gone up by 14%, a number that reassures investors and crypto exchanges.

While the market is in a down trend, Binance’s move is seen as a shimmer of hope, and it has already started flipping the situation upside down. Otherwise, it was headed towards a serious dead end. 

As mentioned in a previous article on Unlock Blockchain, the bear market has pushed many exchanges to cut down on their costs, by letting go off a huge number of employees, while others are taking the opportunity to harvest these scarce talents.

BitOasis, MENA’s leading platform that allows you to securely buy, sell and trade cryptocurrencies,  laid off around 5% (9 employees) of its staff earlier this week across offices in Dubai, Abu Dhabi, and Amman.

The announcement came in an email sent by CEO and co-founder Ola Doudin.

In 2021, BitOasis, which is registered as a Virtual Asset Service Provider with the Financial Intelligence Unit of the UAE central bank, received permission to operate a Multilateral Trading Facility from the Abu Dhabi Global Market.

BitOasis also received provisional approval from Dubai’s Virtual Assets Regulatory Authority (VARA) in March 2022.

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