Dubai’s digital asset regulator, the Virtual Asset Regulatory
Authority (VARA), has suspended BitOasis, a cryptocurrency trading platform,
from operating in the region. VARA announced the suspension yesterday (Monday),
accusing the trading platform of failing to meet the necessary regulatory
requirements.
BitOasis was issued a
Minimal Viable Product (MVP) license by the regulator on April 12. The license
allowed the company to offer broker-dealer services, according to the
information on the regulator’s website. The services included enabling traders to buy and sell cryptocurrencies and access digital wallet services.
However, the license was issued
on the condition that BitOasis meet certain requirements which were not disclosed
by the regulator in the press release. The crypto trading platform reportedly
did not meet the requirements, which had a timeline of between 30 to 60 days,
forcing the regulator to suspend the license.
“The entity’s
license for institutional and qualified retail investors remains
non-operational until the aforementioned conditions are fulfilled for BitOasis
to apply for the full market product (FMP) license,” the VARA stated.
The VARA issues MVP
licenses to cryptocurrency trading companies as one…
