Bitcoin Forum

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.

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.

Continue reading >> https://www.ccn.com/dubai-bitcoin-exchange-bitoasis-wins-preliminary-license-in-middle-east-first

There is a big market just waiting to be tap on this side of the Middle East. This is a rich source of capital and as shown by the $1.6 billion this can just be the tip of the iceberg. It is good to see an exchange and trading platform get the approval from the government and may this help push for more players in this region. Definitely, the Middle East market is a sleeping giant that is just waiting for some tap to get out of the slumber.

This platform is completely unprofessional, you need to send money to their bank address and then wait for more than a week to get your money and lots of KYC required. I hope that their system will be developed first.
The Middle East seems to be using Blockchain technology by supporting banking services so I imagine that things will be put under the constraints of centralization or by using XRP technology.

Was a bit disappointment hearing this one, so it's not the exchange that crypto enthusiast around Middle East is expecting, nothing more than a bank to me. Yeah, let's hope that they developed, but I don't think they can attract potential users if their platform will require lots of KYC, so I have a mix emotions about this one.

great news and exact timing for this good news the bitcoin will goes into stronger position in he market cap, license issue from the dubai government it was can help for the bitcoin price continuation to bounce. but the sadness is the kyc requirements of this exchange hope people will use it even have a kyc.

Every regulated exchange forms an initial obstacle as far as verification goes, but after that you're good to go. Even some of the current mainstream crypto exchanges take over a week to process verification requests.

They have done $1.6 billion in revenue, which doesn't seem all that unprofessional to me. Too bad exchanges list all types of garbage coins nowadays. All they do is tempt noobs to buy what they shouldn't buy....