Based on a report on June 25th, the digital currency exchange BitOasis in Middle East and North Africa (MENA) region have disclosed laying off about 5 percent of its employees, and this was not the first company to lay off due to the market downturn.
Taobao is one of the few recognized exchanges in the United Arab Emirates (UAE). Founded in 2015, it serves Arab and English-speaking customers. It provides more than 60 digital assets, including Bitcoin and Ethereum. The trading volume turnover exceeds $3 billion in 2021.
The exchange has a multilateral trading facilities operation license issued by Abu Dhabi Global Market and registered as a virtual asset service provider with the UAE Financial Intelligence Unit. It also received a provisional license from the Dubai Virtual Assets Regulatory Authority (VARA) in March this year.
Taobao is not the only Middle Eastern digital currency exchange shocked by the market downturn. Earlier this month, one of the supported exchange Rain Financial Trading company supported by Coinbase also revealed that they will also cut its workforce due to the market turmoil. On June 14, Coinbase announced that it is cutting 18% of its total workforce for a total of 1,100 jobs.
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