cryptocurrency exchange bitgate It is set to expand its operations in the Middle East, with plans to hire 60 new staff members in the region.
In a Thursday press release, BitGate revealed that it has opened an office in downtown Dubai To support its expansion, it is also exploring opportunities in countries such as Bahrain and the United Arab Emirates (UAE).
BitGate also aims to set up a regional headquarters in the near future.
The company further revealed that it has started hiring for the new roles, with some employees already hired for middle and back-office positions.
“We expect to rapidly grow our Middle East team to support business growth with 30 to 60 or more hires across the Middle East region over the next 2 years,” Gracie Chen, Managing Director of BitGate, said in a comment.
“The new team members will include various middle-office and back-office functions. We may consider selecting Dubai as an operational hub for the Middle East market.”
Chen emphasized that the move is not just about business, but also aligns with the company’s core values, which focus on driving blockchain and cryptocurrency adoption globally.
BitGate has already started the process of obtaining the necessary licenses from domestic regulators in the region.
Crypto firms expand outside the US amid regulatory struggles
BitGate’s expansion plans come as the US-based cryptocurrency exchange is aggressively expanding its services globally amid rising regulatory hostility in the US.
Last month, Gemini said it plans to expand into the Asia-Pacific (APAC) region to capture “the next wave of crypto growth”.
The platform elaborated that it aims to bring in over 100 new employees to expand its current team in Singapore and set up an engineering division in India.
Similarly, Coinbase has expanded its services to Singapore, one of the more crypto-friendly financial hubs.
The expansion plans come as crypto platforms are under regulatory scrutiny in the US.
last month, seconds The lawsuit filed against both the world’s largest cryptocurrency exchange Binance and the largest US-based cryptocurrency exchange Coinbase.
The commission filed 13 charges against Binance and its US affiliates, ranging from allegedly operating as an unregistered exchange to offering unregistered securities.
The regulator made similar allegations against Coinbase, claiming that it operated as an exchange, broker or clearing agency without the required registration.
Furthermore, the SEC has taken enforcement action against crypto exchanges. Kraken And bittrexAlso a crypto lending platform nexo so far this year.