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Dubai Regulator Suspends Crypto Exchange BitOasis' Conditional License
BitOasis said it's working closely with the Virtual Assets Regulatory Authority to fulfil the conditions.
Dubai's digital assets regulator suspended BitOasis' conditional license and initiated enforcement action just three months after issuing one, saying the cryptocurrency exchange had failed to meet certain conditions.
"BitOasis is 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 Virtual Assets Regulatory Authority said in a notice on Monday.
STORY CONTINUES BELOW
BitOasis, which received the license in April, said it is working closely with VARA to fulfil the conditions and that the license specifically covers institutional and qualified investors, to whom it had not yet provided services.
"This does not impact our ability to continue to provide broker dealer services to our existing retail users, although we undertake to not onboard any new clients until we have fully complied with VARA requirements," it said in a blog post.
Read More: Dubai: Launching a Crypto Regulatory Arm to Become a Global Financial Power
Amitoj Singh
Amitoj Singh is a CoinDesk reporter focusing on regulation and the politics shaping the future of finance. He also presents shows for CoinDesk TV on occasion. He has previously contributed to various news organizations such as CNN, Al Jazeera, Business Insider and SBS Australia. Previously, he was Principal Anchor and News Editor at NDTV (New Delhi Television Ltd.), the go-to news network for Indians globally. Amitoj owns a marginal amount of Bitcoin and Ether below CoinDesk's disclosure threshold of $1,000.
