BitOasis faces enforcement action from Dubai regulator

The Middle Eastern crypto exchange has had its Minimum Viable Product license suspended after only two months

Dubai’s Virtual Assets Regulatory Authority (VARA) has taken enforcement action against the UAE-based crypto exchange BitOasis.

Standing as one of the largest crypto platforms for customers in the Middle East, BitOasis was reprimanded by the local regulator for failing to comply with authorized regulatory demands.

The market alert, issued on July 10, stated BitOasis was “under review for not meeting mandated conditions, required to be satisfied within 30-60 day timeframes prior to being permitted to undertake any VARA regulated market activity.”

The market alert comes only two months after the crypto exchange was granted its Minimum Viable Product (MVP) operational license, allowing the firm to secure its permit to provide services for market operations across the Emirates.

Moreover, after failing to comply with regulatory standards, VARA voiced its plans to exercise the “authority to supervise and monitor compliance.”

The local regulator has suspended BitOasis’ conditional MVP license and announced its permit for Institutional and Qualified Retail Investors has become “non-operational.”

Although BitOasis has not yet responded with a statement addressing the recent changes, VARA will “continue to monitor the situation for regulatory compliance remediation.”

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Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.

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