Enhancing Compliance and Identity Verification in the MENA Region
Cryptocurrency exchange BitOasis has recently announced a strategic partnership with Sumsub, a trusted verification and compliance platform. This collaboration aims to enhance the user onboarding process and ensure compliance with anti-money laundering (AML) regulations in the Middle East and North Africa (MENA) region.
Summary of the Partnership
- BitOasis partners with Sumsub to improve identity verification and AML compliance.
- Launched in 2016, BitOasis is the largest cryptocurrency platform in the MENA region.
- BitOasis was the first VASP to register with the UAE’s Financial Intelligence Unit in 2021.
- Boosted user onboarding capabilities and AML compliance through the partnership.
- Sumsub is a global leader in verification, anti-fraud, and compliance solutions.
Leading Cryptocurrency Trading Platform in MENA
Since its establishment in 2016, BitOasis has emerged as the leading and most reputable cryptocurrency trading platform in the MENA region. Catering to both retail and institutional investors across 15 countries, this Dubai-based exchange offers a secure, compliant, and convenient trading environment for users.
BitOasis has been at the forefront of regulatory compliance, being the first VASP to register with the UAE’s Financial Intelligence Unit in 2021. Additionally, with the launch of Dubai’s Virtual Assets Regulatory Authority in 2022, BitOasis swiftly obtained a provisional operating permit from the regulator, showcasing its commitment to regulatory standards and best practices.
Collaboration for Enhanced User Onboarding
As BitOasis opens its platform to new retail and institutional users, the partnership with Sumsub plays a crucial role in strengthening its compliance measures and enhancing the user onboarding process. By integrating Sumsub’s KYC and AML screening solutions, BitOasis aims to fortify its controls to prevent illicit activities and ensure full compliance with evolving AML regulations.
Sumsub, known for its comprehensive verification, anti-fraud, and compliance solutions, offers a versatile platform that secures the entire user journey. Their customizable KYC, KYB, transaction monitoring, and fraud prevention tools empower businesses to streamline verification processes, onboard customers globally, meet compliance standards, minimize costs, and protect their operations.
Statements from Stakeholders
Stanford Cardoz, AML Director at BitOasis, expressed enthusiasm about the collaboration, emphasizing the importance of stringent controls to safeguard users and ensure compliance with AML regulations. By leveraging Sumsub’s solutions, BitOasis aims to provide a top-notch user experience to customers in the Middle East and beyond.
Peter Sever, co-founder, and Chief Strategy Officer of Sumsub, echoed these sentiments, highlighting the partnership with BitOasis as a significant step towards building infrastructure for a transparent, inclusive, compliant, and secure digital financial system based on cryptocurrencies.
Hot Take: Securing the Future of Cryptocurrency Trading in the MENA Region
With BitOasis and Sumsub joining forces to enhance compliance and identity verification processes, the future of cryptocurrency trading in the MENA region looks promising. This partnership signifies a continued commitment to regulatory excellence and user protection, setting a new standard for secure and compliant trading platforms in the region.
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