Dubai withdraws crypto exchange’s license for non-compliance

Dubai withdraws crypto exchange’s license for non-compliance



The Virtual Asset Regulatory Authority (VARA), Dubai's digital asset regulator, has suspended the operations of crypto exchange BitOasis in the region. The suspension came as a result of BitOasis failing to meet the required regulatory standards, and it took effect on July 10.



BitOasis obtained a Minimal Viable Product (MVP) license from VARA on April 12, which allowed the company to provide broker-dealer services, enabling traders to buy and sell cryptocurrencies and access digital wallet services. However, the license was subject to undisclosed requirements that BitOasis needed to fulfill within 30 to 60 days.



Since BitOasis did not meet these requirements, VARA suspended its license. As a result, the exchange's license for institutional and qualified retail investors is non-operational until BitOasis fulfills the conditions


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#Adoption, #Altcoin, #Bitcoin, #Blockchain, #Cryptocurrency, #Cryptomarket, #Cryptonewstoday, #Dubai, #Ethereum, #News, #Regulations, #VARA

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