UAE’s BitOasis Expands to Bahrain, Reaches $6B Trading Volume

The UAE-based centralized exchange platform BitOasis recently announced obtaining a license from the Central Bank of Bahrain, to launch a crypto broker-dealer platform in the kingdom under its Bahraini subsidiary. This license allows the company to trade assets on behalf of its clients and itself.

This news comes after the platform received an expanded license from the UAE’s Virtual Asset Regulatory Authority recently, and resumed accepting new users, both retail and institutional.

In the same statement, BitOasis revealed that the trading volume on its platform has reached $6 billion, following investments of $40 million received during various stages.

BitOasis was founded in 2016 and has become one of the leading centralized exchange platforms in the Arab region, allowing the purchase, sale, and holding of more than 60 different cryptocurrencies. The platform enables the use of Saudi Riyal and UAE Dirham alongside the US Dollar in its transactions.

The BitOasis website indicates that its platform is legally available for use in 14 Arab countries: UAE, Saudi Arabia, Bahrain, Kuwait, Oman, Qatar, Jordan, Egypt, Lebanon, Tunisia, Algeria, Morocco, Iraq, and Libya.

It is worth noting that the number of users of centralized cryptocurrency exchange platforms has been experiencing continuous growth in the Arab region recently. A recent report revealed that the number of daily users of centralized exchange platforms in four Arab countries – Morocco, Egypt, Saudi Arabia, and the UAE – reached 500,000 users at peak usage during February 2024.

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