Middle East Crypto Exchange, BitOasis, Cuts 5% Of Its Staff Due To Recession And Market Turmoil

As the bear market spreads, more cryptocurrency exchanges are joining the wave of mass layoffs, even as some analysts suggest the bottom may be hit.

On June 19, BitOasis, a cryptocurrency exchange located in the United Arab Emirates, which has served the Middle East since 2015, announced the layoff of 5% of its employees in light of a “recession and turmoil on the markets. markets”.

According to a Reuters report, Ola Doudin, CEO and co-founder of BitOasis, said the exchange announced the layoffs at three offices run by the company in Dubai and Jordan.

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He further indicated that the company was “growing too fast” and “too comfortable” when the crypto market was booming. The team hadn’t anticipated a drop of such magnitude as what is happening now, which worries most exchanges.

On the other hand, a company spokesperson said that the nine laid-off workers represent almost 5% of the company’s workforce, which could be very low compared to other exchanges.

Cryptocurrency exchanges continue to short their staff

Although some exchanges like Binance or Kraken have reported that they are currently hiring new workers, the number of exchanges that are reducing their staff is much higher.

Today, CryptoPotato announced the dismissal of a significant part of the staff working at Bybit, a cryptocurrency exchange located in Singapore. This was confirmed by one of its spokespersons in an interview. However, the exact number of workers affected by the decision has not been revealed.

According to Colin Wu’s sources, layoff figures could reach 20% to 50% of its workforce of around 2,000 workers.

If true, this could be the biggest wave of layoffs in the entire crypto industry to date.

Other companies could absorb the laid-off workers.

As reported by CryptoPotato, it’s not all bad news for laid-off workers from cryptocurrency exchanges, as recently the Financial Industry Regulatory Authority (FINRA) announced its interest in hiring the laid-off workers. in order to expand its membership and provide better services to its members.

Additionally, it should be noted that the crypto industry continues to grow, and even though the crypto market is in full bear mode, once the crypto winter is over, hiring by big corporations will start to pick up. come back – if history repeats itself. So this may not be the end for workers in the crypto world.

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