As the bear market continues to extend, more cryptocurrency exchanges are joining the wave of mass layoffs even though some analysts say we might have seen the bottom.

BitOasis, a cryptocurrency exchange located in the United Arab Emirates that has been serving the Middle East region since 2015, announced the layoff of 5% of its staff citing a “recession and market turmoil.”

According to reports, CEO, and co-founder of BitOasis, Ola Doudin said the layoff was announced at three offices run by the company in Jordan and Dubai.

He further stated that the company was “growing too fast” and was “too comfortable” when the crypto market was booming. And did not expect the drop to be of such magnitude as it is currently. Which is the same challenge most exchanges are facing.

A company spokesperson said the 5% of staff laid off amounted to nine persons, although this is a very small number when compared to other exchanges.

Featured image source: Zuriksblog