Two notices were issued on July 10 by the Virtual Assets Regulatory Authority (VARA).
The regulator did not specify which requirements BitOasis had not met.
Due to BitOasis’s failure to comply with regulatory requirements within the allotted time limit, the crypto regulator in Dubai has suspended the exchange’s operating license.
Two notices were issued on July 10 by the Virtual Assets Regulatory Authority (VARA). Stating that enforcement action had been taken against BitOasis and that the Dubai-based company was under review.
No Firm Granted FMP License Yet
BitOasis was awarded a conditional license on April 12. Nevertheless, VARA said that the company was unable to begin operations unless “key conditions over 30-60 day timeframes” were satisfied. BitOasis’ “Licence for Institutional and Qualified Retail Investors remains ‘non-operational,’” according to VARA’s statement, however, the regulator did not specify which requirements BitOasis had not met.
According to a blog post published in May, BitOasis was the first company in Dubai to get a “minimum viable product operational license” from VARA, enabling it to provide broker-dealer services to eligible institutional and retail investors in the emirate.
For a Full Market Product (FMP) license to be given, this is the last stage in a lengthy procedure. As of right now, no company has been granted an FMP license by VARA.
According to VARA, BitOasis must adhere to the terms of its existing license in order to apply for the FMP license. Moreover, as per the regulator, the organization would “continue to monitor the situation for regulatory compliance remediation.”
The regulator reprimanded Su Zhu and Kyle Davies, founders of defunct crypto hedge firm Three Arrows Capital, in April. VARA discovered that they were advertising their unlicensed cryptocurrency exchange OPNX in Dubai.