Dubai Crypto Regulator Suspends BitOasis Crypto Exchange License
BitOasis was the first crypto exchange to obtain an operational license in Dubai, which has now been suspended by the local regulator for failing to meet the key conditions in time.
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Dubai's cryptocurrency regulator has suspended the license of crypto exchange BitOasis for failing to meet mandatory conditions within the deadlines set by the authority.
On July 10, the Virtual Assets Regulatory Authority (VARA) issued two alerts stating that it had taken enforcement action against BitOasis and was reviewing the Dubai-based company.
VARA said BitOasis' conditional license, granted on April 12, allowed it to operate on condition that the company meet "key conditions over periods of 30 to 60 days," which the regulator said , had not been completed.
VARA did not specify which conditions BitOasis has not met, but until it can meet the conditions, the "License for Institutional and Qualified Retail Investors remains 'Non-Operational'", depending on the regulator.
BitOasis has received the first of VARA City's "Minimum Viable Product Operational Licenses", enabling it to provide brokerage services to qualified institutional and retail investors in Dubai, according to a blog post published in May.
Licensing is the last in a multi-step process before a Full Market Product (FMP) license is issued. Currently, VARA has not issued an FMP license to any company.
BitOasis will need to meet the conditions set out in its current license in order to apply for the FMP license, VARA explained.
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BitOasis was the first crypto exchange to obtain an operational license in Dubai, which has now been suspended by the local regulator for failing to meet the key conditions in time.
News
Join us on social networks
Dubai's cryptocurrency regulator has suspended the license of crypto exchange BitOasis for failing to meet mandatory conditions within the deadlines set by the authority.
On July 10, the Virtual Assets Regulatory Authority (VARA) issued two alerts stating that it had taken enforcement action against BitOasis and was reviewing the Dubai-based company.
VARA said BitOasis' conditional license, granted on April 12, allowed it to operate on condition that the company meet "key conditions over periods of 30 to 60 days," which the regulator said , had not been completed.
VARA did not specify which conditions BitOasis has not met, but until it can meet the conditions, the "License for Institutional and Qualified Retail Investors remains 'Non-Operational'", depending on the regulator.
BitOasis has received the first of VARA City's "Minimum Viable Product Operational Licenses", enabling it to provide brokerage services to qualified institutional and retail investors in Dubai, according to a blog post published in May.
Licensing is the last in a multi-step process before a Full Market Product (FMP) license is issued. Currently, VARA has not issued an FMP license to any company.
BitOasis will need to meet the conditions set out in its current license in order to apply for the FMP license, VARA explained.
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