UAE-based Crypto Exchange BitOasis Technologies Loses License Due to Unmet Regulatory Requirements

VARA is issuing a market alert regarding ongoing supervisory controls, and enforcement actions initiated against BitOasis.

VARA in Dubai (United Arab Emirates) confirmed that it is issuing this market alert regarding ongoing supervisory controls, and enforcement actions initiated against digital currency trading platform BitOasis.

Investors and Customers are advised to note the following:

MVP Operational Licence Suspension – BitOasis was reportedly “issued a conditional MVP Licence on 12.April.2023 that would permit market operations upon the entity’s fulfilment of key conditions over 30-60 day timeframes.”

As a result of BitOasis not meeting these mandated conditions “within the prescribed timelines, VARA has initiated warranted regulatory actions against the entity.”

In light of the above, the entity’s License for Institutional and Qualified Retail Investors remains ‘non-operational’, “until aforementioned conditions subsequent are fulfilled, in order for BitOasis to apply for the Full Market Product [FMP] License.”

VARA shall continue “to monitor the situation for regulatory compliance, and fulfilment of remedial actions imposed on BitOasis.”

This alert represents “a notification to the public regarding BitOasis’ regulatory licence status, and is not intended to be a substitute for any individuals’ own due diligence.”

As noted in a blog post by BitOasis, Dubai’s Virtual Assets Regulatory Authority issued yesterday a market notification regarding BitOasis’ ongoing work “to fulfill select conditions associated with its Operational MVP License with respect to serving Institutional and Qualified Retail Investors.”

BitOasis is working closely with VARA on “fulfilling the remaining conditions and is committed to providing a safe and secure service to its users.”

The firm added:

“From our launch in 2016, BitOasis took it upon itself to be a pioneer for the industry in Dubai and the broader region. We were the first virtual asset service provider to be registered with the UAE’s Financial Intelligence Unit (to whom we continue to report), were among the first virtual asset service providers to obtain approvals from VARA as early as March 2022, as well as being the first trading platform to secure an Operational MVP license. We are committed to continuing our close collaboration with VARA. We knew that taking the lead in the ecosystem will come with its unique challenges, and we are glad to be tackling them in close cooperation with our regulator.”

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