Dubai’s regulatory authority for digital assets has taken action against BitOasis, suspending the exchange’s conditional license and initiating enforcement measures.
BitOasis’ Conditional License Temporarily Suspended by Dubai Regulatory Authority
This move comes merely three months after the license was originally issued, as the cryptocurrency exchange failed to meet certain stipulated conditions.
In a notice issued on Monday, the Virtual Assets Regulatory Authority (VARA) stated that is currently under review for not satisfying the mandatory conditions, which were required to be met within the designated 30-60 day timeframes before engaging in any VARA-regulated market activities.
BitOasis, which obtained the license in April, has responded by stating that it is actively collaborating with VARA to fulfill the necessary conditions. The license specifically covers institutional and qualified investors, and as of yet, BitOasis has not provided services to this category of clients.
In a blog post addressing the situation, BitOasis clarified that while the suspension affects their ability to onboard new clients until full compliance with VARA requirements is achieved, it does not impact their capacity to continue providing broker-dealer services to their existing retail users.
“This does not impact our ability to continue to provide broker-dealer services to our existing retail users, although we undertake to not onboard any new clients until we have fully complied with VARA requirements,”
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