BitOasis Crypto Exchange License Suspended by Dubai Crypto Regulator

Dubai’s Crypto Exchange BitOasis Suspended

The Virtual Assets Regulatory Authority (VARA) has taken enforcement action against Dubai-based crypto exchange BitOasis, suspending its license for failing to meet the conditions set out in the 30-60 day timeframes.

VARA did not specify what conditions BitOasis failed to meet, but until the crypto exchange can fulfill them, its “Licence for Institutional and Qualified Retail Investors remains ‘non-operational'”, according to the regulator.

The suspension of BitOasis’ license comes just months after the crypto exchange was granted a conditional license on April 12, allowing it to operate with the understanding of meeting the specified conditions.

BitOasis is just one of many crypto exchanges that have been affected by the regulations of the VARA, with c3.ai, NYSE:AI, AI in Art, AI Today, Fetch AI, On AI, Reporter AI Voice, and About AI also facing similar restrictions.

BitOasis Receives License From VARA

BitOasis, a qualified institutional and retail investor in Dubai, has received the first of the city’s “minimum viable product operational licenses” from VARA, according to a May blog post. This license is the last step before a Full Market Product (FMP) license is issued, although VARA has yet to grant an FMP license to any firm.

In order to apply for the FMP license, BitOasis must fulfill the conditions set out in its current license.

VARA’s latest action follows its April reprimand of Su Zhu and Kyle Davies, the co-founders of the failed crypto hedge fund Three Arrows Capital.

BitOasis and VARA Compliance Remediation

The BitOasis crypto exchange in Dubai has landed on VARA’s radar for operating and promoting without the necessary license.

VARA has stated that it will continue to monitor the situation and work towards regulatory compliance remediation.

Cointelegraph reached out to both BitOasis and VARA for comment but did not receive a response immediately.

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