BitOasis, a leading cryptocurrency trading platform in the Middle East and North Africa (MENA) region, has announced its expansion in the GCC with a new licence and office in Bahrain.

The Dubai-based company received a Category 2 Crypto-Asset Services Licence from the Central Bank of Bahrain, paving the way for expanding its footprint in the GCC, it said.

BitOasis Bahrain will launch a broker-dealer platform to serve retail, corporate, and institutional clients in the kingdom. The new office, located in Bahrain Fintech Bay, will initially have a small team, gradually growing as the company prepares to launch its platform, expected to go live in the second half of 2024.

The development comes shortly after BitOasis reopened its Dubai platform for retail and institutional investors on April 12, 2024, following the lifting of a prior suspension of its MVP Operational license by the Virtual Assets Regulatory Authority (VARA) of Dubai.

The regulatory approval in Bahrain marks a significant step in BitOasis’s strategic expansion across the GCC.

Ola Doudin, Co-Founder and Chief Executive Officer of BitOasis, said: “With regulation at the forefront of a maturing regional crypto market, we are delighted to have secured this new license from the Central Bank of Bahrain. The Central Bank's commitment and leadership in regulating our industry allows businesses like BitOasis to launch cutting-edge products in an industry characterised by rapidly and dynamically evolving technology. We are excited to welcome our new team in Bahrain to the business and to start serving new customers very soon.”

Launched in 2016, BitOasis has emerged as a leading platform for retail, institutional, and high-net-worth individuals across the GCC and MENA region to buy, sell, and hold over 60 tokens with fiat currencies. The company has processed over $6 billion in trading volume and raised more than $40 million in funding from leading regional and global investors, it said. – TradeArabia News Service