A Bahrain-based crypto exchange has terminated the contracts of around 120 employees, according to Bahrain's Al-Watan newspaper.
According to the Bahraini news outlet, the crypto exchange that is licensed by the Central Bank of Bahrain, announced the decision to its employees without any notice or warning on Wednesday, June 1st.
The move comes as a surprise to many since the company has been employing new talents on weekly basis until last month, Al-Watan reported citing sources familiar with the matter.
Among the employees who were affected by the decision are dozens of Bahraini nationals working in the company's head quarters, and employees in Turkey and other Gulf nations.
The sources informed the media outlet that the decision was announced during an unscheduled meeting, and that the company is expected to hold another meeting today (Thursday, June 2).
Crypto exchange rival, CoinMena, addressed the unfortunate events by having its founder, Dina Sam'an, offering help to those affected by the company's decision, and asking them to apply for job vacancies available at CoinMena.
It's worth noting that Bahrain has been one of the first countries in the MENA region to be considered "crypto-friendly", and its central bank has granted several crypto exchange firms licenses to operate in the country.
