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Dubai’s VARA Suspends BitOasis Crypto Exchange License

Twitter icon  •  Published il y a 9 mois  •  Hassan Maishera

Dubai’s crypto regulator, VARA, has suspended BitOasis’ cryptocurrency exchange license over failure to meet conditions within a set timeframe.

TL;DR

  • Dubai’s cryptocurrency regulator has suspended BitOasis’s license. 

  • The licensed was suspended after the crypto exchange failed to meet mandated conditions within the set timeframes.

BitOasis’s Dubai License Suspended

The Virtual Assets Regulatory Authority (VARA), the cryptocurrency regulatory agency in Dubai, announced on Monday, July 10th, that it has suspended the license of crypto exchange BitOasis for not meeting mandated conditions within the set timeframes.

VARA added that it is currently reviewing the cryptocurrency exchange. The regulatory agency added that BitOasis’ conditional license, granted April 12, allowed it to operate as long as it met key conditions over 30-60 day timeframes. However, BitOasis failed to meet those conditions. 

The regulator didn’t provide details regarding the conditions BitOasis failed to meet. However, VARA added that until BitOasis can fulfill the conditions the firm's Licence for Institutional and Qualified Retail Investors remains non-operational. 

The cryptocurrency exchange was the first to receive Dubai’s minimum viable product operational licenses in May, permiting it to provide broker-dealer services to Dubai’s qualified institutional and retail investors

The  minimum viable product operational license is the last one required before VARA issues a company with a Full Market Product (FMP) license. At the moment, VARA has not issued FMP to any financial company. 

The cryptocurrency exchange will need to meet the set conditions before it can apply for the FMP license, VARA added.

 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.