Cryptocurrency exchange BitOasis has announced a new partnership This collaboration introduces a robust verification and compliance platform. Sumsub The initiative is set to optimize their customer onboarding system while ensuring strict compliance with anti-money laundering regulations across the region, MENA.
TLDR
- BitOasis teams up with Sumsub to reinforce identity checks and compliance with AML standards.
- Recognized as MENA’s largest crypto platform, BitOasis has been operational since 2016.
- In a pioneering step, BitOasis registered with the UAE’s Financial Intelligence Unit as the first in its industry in 2021.
- The partnership is geared towards fortifying user onboarding and maintaining rigorous AML compliance standards.
- Renowned for trailblazing in verification, Sumsub leads globally in anti-fraud and compliance solutions.
Since its inception in 2016, BitOasis has expanded significantly, serving a wide range of investors in 15 countries as the region's leading crypto trading platform.
Operating from Dubai, BitOasis provides a platform where users can trade over 60 cryptocurrencies, focusing on creating a secure, compliant, and user-friendly trading environment.
As a key player in the cryptocurrency space, BitOasis has consistently emphasized the importance of following regulations. Unwavering in its compliance efforts, BitOasis became the first VASP to register with the UAE’s Financial Intelligence Unit and later secured a provisional permit from Dubai’s VARA.
With the Sumsub alliance, BitOasis reopens its platform to both retail and institutional users, integrating Sumsub's advanced AML screening solutions.
By employing Sumsub’s advanced solutions, BitOasis aims to strengthen its defenses against illicit activities, upholding absolute compliance with the latest AML legislation. Know Your Customer (KYC) As a global verification powerhouse, Sumsub offers comprehensive verification solutions that ensure user journeys are fully secure.
Sumsub’s adaptable verification and fraud prevention solutions empower businesses to streamline verification processes, onboard customers globally, meet compliance benchmarks, optimize costs, and protect operations.
Stanford Cardoz, BitOasis’ AML Director, shared enthusiasm about the partnership, highlighting how Sumsub’s solutions would solidify their protective measures against illicit activities.
Expressing excitement, he noted, \"Incorporating Sumsub’s KYC and AML solutions ensures we deliver a premium user experience to our Middle Eastern clientele and beyond.\"
Echoing this enthusiasm, Peter Sever, Sumsub’s co-founder, remarked, \"Our collaboration with BitOasis marks a significant step towards developing an innovative financial infrastructure rooted in security and transparency.\"
The Editor-in-Chief of Blockonomi, who also founded Kooc Media, champions Open-Source, Blockchain, and a free Internet for everyone.
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