Categories: Bitcoin Business

Dubai Bitcoin Exchange BitOasis Wins Preliminary License in Middle East First

Click here to view original web page at
Dubai-based BitOasis has cleared a regulatory hurdle as it aims to operate as a licensed exchange in the Midldle East. | Source: Shutterstock

By CCN: The United Arab Emirates has granted crypto exchange BitOasis a preliminary license which allows it to operate a digital asset wallet and a trading platform in the region.

According to Dubai-based BitOasis, this will make the firm Middle East’s first regulated bitcoin exchange. The preliminary license was granted by the Financial Services Regulatory Authority. This is one of the three independent authorities of UAE’s international financial center, the Abu Dhabi Global Market.

BitOasis secures its regulatory In-Principal Approval, aiming to become the first regulated crypto asset exchange in the Middle East – @business

— BitOasis (@bitoasis) May 13, 2019

Per a Bloomberg report, in the past two years, BitOasis has handled trading volumes totaling approximately $1.6 billion. This makes it one of the biggest cryptocurrency exchanges in the Middle East. Currently, some of the cryptocurrencies that are available for trading on BitOasis include BTC, ETH, XRP, BCH, LTC and XLM. Others that are available for trading include ETC, BSV, XMR, XLM and ZEC.

More Hurdles to Cross for Crypto Exchange

According to BitOasis’ CEO and co-founder, Ola Doudin, a full license will be granted once certain operational and technical requirements are satisfied. The crypto exchange intends to fulfil this in the second half. Doudin has stated that the license will enhance the company’s growth prospects:

Overall, it will boost our growth in the region, legitimize the space and expand our reach in the market.

While this is just an interim license, Doudin had expressed confidence earlier in the year that BitOasis will be fully licensed before the close of 2019.

BitOasis aims to be fully licensed in ADGM this year –

— Appytechie (@techieappy) February 13, 2019

At the time, Doudin stated full regulation would assist the crypto exchange ‘go global from the UAE’. This would especially offer the firm a competitive advantage in the Middle East and North Africa region.

Bitoasis in North Africa

Last year in November, BitOasis opened trading to residents of two North African countries – Egypt and Morocco.

We are pleased to announce that users in Egypt, Jordan, and Morocco can now trade digital asset pairs on our Exchange platform. Start trading today to enjoy an additional 50% discount on maker fees starting at 0.05% and taker fees starting at 0.075% only!

— BitOasis (@bitoasis) November 26, 2018

The choice of Dubai as the firm’s headquarters was based on the city’s growing importance as the region’s financial hub:

Dubai is the world’s emerging markets capital for trade and movement of goods, people and capital, and we want to be right at the center of that.

Since starting the crypto exchange in 2014, the Jordan-born and UK-educated Doudin has attracted seed funding from domestic and foreign investors. In 2016, for instance, BitOasis received an undisclosed amount in a fundraising round that featured the Barry Silbert-led Digital Currency Group, the parent company of Grayscale Investments.

With our @bitoasis investment announced today, @DCGco global bitcoin exchange footprint now includes 17 exchanges covering 70 currency pairs

— Barry Silbert (@barrysilbert) May 24, 2016


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

Bitcoin Sheds $10,000 Support Again Ahead of Bakkt Launch

Ahead of the launch of Bakkt’s Bitcoin (BTC) futures, bears have continued to assert control over the cryptocurrency market. Ouch.As… Read More

1 hour ago

Bitcoin ‘Messiah’ Goes To War With The ‘Deep State’

One of bitcoin and crypto's oldest proponents, the founder and former chief executive of U.S. online retailer Overstock, Patrick Byrne,… Read More

1 hour ago

The Specs Behind Bitcoin’s Lightning Pass Their First ‘Formal’ Security Test

A pair of researchers have released the results of a formal verification of bitcoin’s lightning network.Lightning is new(ish), experimental, and… Read More

1 hour ago

Deja Vu 2000 Or Flashback 2007? (Part 2)

“The experience in Japan, Europe, or even the US, is that once you get into a near-zero interest-rate regime, it’s… Read More

7 hours ago

Blockchain Industry to Generate $16 Billion Revenue by 2024

Often considered as a nascent technology, blockchain was introduced about a decade ago. Although the technology has not been around… Read More

7 hours ago

Kate Winslet takes action against Bitcoin scammers who used her image

Kate Winslet has spoken out after her image was used to advertise a Bitcoin scam Movie star Kate Winslet is… Read More

7 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More