Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

  • Home
  • Crypto
  • Boost BitOasis User Security with Sumsubโ€™s KYC & AML Solutions! ๐Ÿ”’๐Ÿš€
Boost BitOasis User Security with Sumsub's KYC & AML Solutions! ๐Ÿ”’๐Ÿš€

Boost BitOasis User Security with Sumsubโ€™s KYC & AML Solutions! ๐Ÿ”’๐Ÿš€

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 UAEโ€™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 UAEโ€™s Financial Intelligence Unit in 2021. Additionally, with the launch of Dubaiโ€™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 Sumsubโ€™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 Sumsubโ€™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.

Read Disclaimer
This content is aimed at sharing knowledge, it's not a direct proposal to transact, nor a prompt to engage in offers. Lolacoin.org doesn't provide expert advice regarding finance, tax, or legal matters. Caveat emptor applies when you utilize any products, services, or materials described in this post. In every interpretation of the law, either directly or by virtue of any negligence, neither our team nor the poster bears responsibility for any detriment or loss resulting. Dive into the details on Critical Disclaimers and Risk Disclosures.

Share it

Boost BitOasis User Security with Sumsub's KYC & AML Solutions! ๐Ÿ”’๐Ÿš€