Virtual Assets Regulatory Authority (VARA) takes enforcement action against BitOasis, suspending its license for failing to meet mandated conditions.
Date: July 11, 2023
Dubai's cryptocurrency exchange, BitOasis, has had its license suspended by the Virtual Assets Regulatory Authority (VARA) due to non-compliance with mandated conditions within the specified timeframes.
VARA issued two alerts on July 10, announcing the enforcement action and initiating a review of the Dubai-based firm.BitOasis had received a conditional license on April 12, allowing it to operate with the condition that it fulfilled key requirements within 30-60 days. However, VARA stated that these conditions were not met, leading to the suspension of the firm's license.
The regulatory authority did not disclose the specific conditions that BitOasis failed to meet, but as a result, the firm's "License for Institutional and Qualified Retail Investors" is now deemed "non-operational."In May, BitOasis proudly announced that it had become the recipient of Dubai's first "minimum viable product operational license" from VARA.
This license allowed BitOasis to provide broker-dealer services to qualified institutional and retail investors in the city. It marked a significant milestone in BitOasis' journey, as it was the final step before applying for a Full Market Product (FMP) license.
However, as of now, VARA has not issued an FMP license to any firm.To regain operational status and be eligible for an FMP license, BitOasis must fulfill the conditions outlined in its current license, as stated by VARA. The regulatory authority remains committed to monitoring the situation and expects BitOasis to take the necessary steps to achieve regulatory compliance remediation.
Further updates regarding the situation are expected as BitOasis works towards meeting the conditions set out by VARA, aiming to restore its operational status and continue serving the cryptocurrency market in Dubai.
Disclaimer: The above article is for informational purposes only and should not be considered as financial or investment advice. Readers are advised to do their own research and consult with professionals before making any investment decisions.
July 2023, CryptoniteUae