BitOasis Loses MVP License in Dubai After Regulatory Action

Dubai's VARA has launched an enforcement proceeding against BitOasis and is looking into the crypto exchange.

According to recent reports, Dubai’s cryptocurrency regulator has suspended BitOasis’ license for failing to comply with statutory requirements within the time limit specified by the regulatory body.

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VARA is Looking into the BitOasis

As indicated by the Dubai Virtual Assets Regulatory Authority (VARA), it would “continue to monitor the situation for regulatory compliance remediation.”

In accordance with the two notifications issued by the Virtual Assets Regulatory Authority (VARA) on July 10, the agency has launched an enforcement proceeding against BitOasis and is looking into the crypto exchange. In addition, the regulator states that the firm’s “License for Institutional and Qualified Retail Investors remains ‘non-operational.”

Failure to Comply with Key Conditions

VARA claimed that BitOasis’ conditional license, issued on April 12, allowed it to function under the requirement that “key conditions over 30-60 day timeframes” should be met, which the regulator claimed was still not done. VARA indicated that BitOasis had to satisfy the conditions of its present license to be able to apply for the FMP license.

BitOasis and VARA have a Lot of History

VARA and BitOasis have had an excellent connection in 2021 and it was the region’s most trusted crypto exchange. Moreover, Dubai Police pushed this to the level above by partnering with BitOasis to combat crypto-related fraud, as reported by TheCoinRise

The partnership’s primary goal was to educate traders and investors about the sector. BitOasis was also granted the very first “minimum viable product operational licenses” by VARA, letting it operate as a broker-dealer solutions for eligible institutional and individual investors in Dubai.

VARA Recently Introduced New Laws for Crypto Firms

As there are numerous initiatives associated with crypto in the area, the country’s regulators often seem active, constantly announcing new laws for the public relations, advertising, and promotion of cryptocurrencies. 

As part of its efforts to tighten crypto regulations in the UAE region, Dubai cryptocurrency regulator Virtual Assets Regulatory Authority (VARA) requested more details about international trading platforms that operate throughout the area, including Binance, displaying ownership, governance, auditing procedures, and other business requirements in April.

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