BitOasis teams up with Sumsub to streamline
user onboarding and stay fully compliant with AML regulations in
MENA
DUBAI, UAE, May 15, 2024 /PRNewswire/ -- Sumsub, a full-cycle
verification platform providing customizable KYC, KYB, transaction
monitoring, and AML solutions for the whole customer journey, is
pleased to announce a new collaboration with BitOasis, the largest
and most trusted cryptocurrency platform in the MENA region.
BitOasis has chosen Sumsub for crypto identity verification and
AML screening for crypto compliance. Since its launch in 2016, as a
regulation-first company, BitOasis has maintained a firm focus on
its mission of providing retail and institutional users from the
region a safe, compliant, and convenient way to buy, sell and hold
over 60 cryptocurrencies. BitOasis was the first Virtual Asset
Service Provider (VASP) to register with the UAE's Financial
Intelligence Unit in 2021, and was amongst the first companies to
secure a provisional operating permit from Dubai's Virtual Assets Regulatory Authority
(VARA) after the regulator's establishment in early 2022. Having
recently reopened its platform to new retail and institutional
users, this partnership with Sumsub will enable BitOasis to further
enhance its user onboarding process while ensuring full compliance
with strict AML and other regulatory requirements.
"We are excited to start working with Sumsub, a global leader
in verification, anti-fraud and compliance. Sumsub will enable us
to further strengthen the stringent controls we use to protect our
users and ecosystem from illicit activities and support us in
ensuring continued full compliance with evolving AML regulations.
By implementing Sumsub's KYC and AML Screening solutions, we make
sure to provide the best user experience to our customers in the
Middle East and beyond," says
Stanford Cardoz, AML Director at
BitOasis.
"We are thrilled about our collaboration with BitOasis, a
leading crypto platform in the Middle
East," comments Peter
Sever, co-founder and Chief Strategy Officer of Sumsub.
"We are proud to join BitOasis' mission of building
infrastructure for a new digital financial system based on
cryptocurrencies, a system that is transparent, inclusive,
compliant and secure."
About BitOasis
Headquartered in Dubai,
BitOasis is the largest and most trusted regional cryptocurrency
trading platform in the Middle
East and North Africa.
Established in 2016, BitOasis is a pioneer of the region's
cryptocurrency ecosystem, serving as the go-to platform for
first-time cryptocurrency buyers and professional traders alike.
Available in 15 countries across the region, the platform provides
investors with a safe and secure way to buy, hold and sell 60+
cryptocurrencies. Since its launch, BitOasis has processed more
than $6 billion in trading volume and
raised more than $40 million dollars
in funding from leading regional and global investors, such as
CoinDCX, Wamda Capital, Jump Capital, Pantera Capital, and Global
Founders Capital.
About Sumsub
Sumsub is a full-cycle verification platform that secures the
whole user journey. With Sumsub's customizable KYC, KYB,
Transaction Monitoring and Fraud Prevention solutions, you can
orchestrate your verification process, welcome more customers
worldwide, meet compliance requirements, reduce costs, and protect
your business.
Sumsub has over 2,000 clients across the fintech, crypto,
transportation, trading, e-commerce and gaming industries including
Bitpanda, Wirex, Avis, Bybit, Huobi, Kaizen Gaming, and
TransferGo.
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