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- The Dubai Virtual Assets Regulatory Authority has launched enforcement action against UAE-based cryptocurrency exchange BitOasis.
- Local regulators condemned the exchange for failing to comply with statutory regulatory conditions.
- VARA also revoked the MVP license granted to the cryptocurrency exchange in April 2023.
- VARA’s MVP license has previously been described as restrictive by cryptocurrency exchange Bybit.
United Arab Emirates-based cryptocurrency exchange BitOasis found itself in regulatory trouble earlier today after Dubai’s Virtual Assets Regulatory Authority (VARA) took enforcement action against it. VARA cracked down on Middle East-focused cryptocurrency exchanges for failing to comply with mandatory conditions within the time frame set by local regulators.
Dubai VARA suspends BitOasis’ MVP license
Published by the Virtual Assets Regulatory Commission market alert Earlier today, investors and customers of BitOasis were notified of ongoing regulatory controls and enforcement actions against the cryptocurrency exchange. VARA’s condemnation comes two months after the exchange received its first Minimum Viable Product (MVP) operating license in the UAE. The license paves the way for the exchange to obtain a market operating license in the region before key conditions are met.
“BitOasis is under review for failing to meet specified conditions, which are required to be met within 30 to 60 days before being allowed to conduct any VARA-regulated market activity.”
Virtual Asset Regulator
Local regulators have suspended BitOasis’ conditional MVP license and announced that the exchange’s licenses for institutional and accredited retail investors have ceased operations. This means that cryptocurrency exchanges must work with regulators to resolve issues before they can apply for a full market product (FMP) license. In its market warning, VARA stated that it will monitor regulatory compliance and the implementation of remedial measures taken against exchanges.
BitOasis has yet to issue a statement to update its Middle East operations.fellow cryptocurrency exchange Bybit Received MVP license from VARA last month. At the time, Bybit CEO Ben Zhou called the license restrictive, adding that it would only allow the cryptocurrency exchange to cater to a very limited number of accredited investors.
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