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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