BitOasis crypto exchange to help Dubai police raise awareness of fraud

BitOasis, a cryptocurrency exchange from the United Arab Emirates, has partnered with the Dubai Police Force to raise awareness about fra...



BitOasis, a cryptocurrency exchange from the United Arab Emirates, has partnered with the Dubai Police Force to raise awareness about fraud related to crypto investments and transactions.

The exchange’s partnership with Dubai Police is intended to help establish regulations that will make crypto safe for investors in the region, Ola Doudin, CEO of BitOasis. noted. Speaking to Cointelegraph, Doudin said:

“The BitOasis team has worked closely with policymakers and regulators to build trust and transparency in the crypto ecosystem. The partnership with Dubai Police is also a step in the same direction.”

The decision to protect investors coincides with the decision of the United Arab Emirates regulator to approve crypto trading in Dubai’s DWTCA free zone September 23. On the same day, BitOasis announced that it was linking its services with GoAML, a monitoring platform built and operated by the UAE Financial Intelligence Unit, to report suspicious transactions.

This partnership will also see the active participation of the National Committee against Money Laundering and the Financing of Terrorism and Illegal Organizations, a state organization focused on the creation of frameworks to combat money laundering and the financing of terrorism. .

Tarek Mohammed, head of the virtual asset crimes section at Dubai Police Department, said the department is currently undergoing extensive training to understand crypto and blockchain. Mohammed warned local investors to accept dirhams for cryptocurrencies from anonymous sources, adding:

“(The United Arab Emirates) are taking a practical approach to ensuring the financial security of the country, investors and all stakeholders operating in the crypto space.”

Related: Bitcoin’s $ 1 billion mining industry picks up in Iran after three-month ban

According to some in the industry, the UAE should benefit from its status as a global tax haven and its friendly policy towards cryptocurrencies. Stephen Stonberg, CEO of Bittrex Global crypto exchange said earlier in August that the Emirates “are doing whatever it takes and that they are going to attract a lot of regional projects”.