Dubai: VARA Suspends Crypto Exchange BitOasis' License
Crypto exchange BitOasis was the first exchange to get an operational license in Dubai. However, the Virtual Assets Regulatory Authority [VARA] is currently reviewing the firm. As a part of its enforcement action, it has suspended the license of the crypto exchange. BitOasis was issued a conditional MVP License on April 12, 2023, that would permit market operations upon the firm’s fulfillment of key conditions over 30-60 day periods. Revealing what put BitOasis on the radar, the VARA’s official statement noted, “ As a result of BitOasis not meeting these mandated conditions within the prescribed timelines, VARA has initiated warranted regulatory actions against the entity. “ Dubai is reprimanding BitOasis, one of the largest crypto platforms focused on customers in the Middle East, just months after the firm received a preliminary license to offer digital-asset services in the UAE https://t.co/LeT0M9anZa — Bloomberg Markets (@marke...