Dubai crypto regulator suspends BitOasis crypto exchange license

July 10. 2023

By Jesse Coghlan

BitOasis was the first crypto exchange to get an operational license in Dubai, which has now been suspended by the local regulator for not meeting key conditions in time.

Dubai’s cryptocurrency regulator has suspended the license of crypto exchange BitOasis for not meeting mandated conditions within the timeframes set out by the authority.

On July 10, the Virtual Assets Regulatory Authority (VARA) issued two alerts saying its undertaken enforcement action against BitOasis and is reviewing the Dubai-based firm.

VARA said BitOasis’ conditional license, granted April 12, permitted it to operate provided the firm met “key conditions over 30-60 day timeframes” which the regulator said hadn’t been met.

VARA did not detail what conditions BitOasis failed to meet, but until it can fulfill the conditions the firm's “Licence for Institutional and Qualified Retail Investors remains ‘non-operational,’” according to the regulator.

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