BitOasis Crypto License Suspended by Dubai Regulator: Details
- The MVP license granted by Dubai’s crypto regulator to BitOasis exchange has been canceled.
- As per two alerts, the regulator claims that BitOasis failed to implement the required framework.
- The exchange was required to fulfill key conditions within 30–60 days and failed to do so, said VARA.
- The MVP license is the last step to getting a Full Market Product license, and VARA has yet to issue an FMP.
The crypto exchange license of BitOasis, a digital currency exchange headquartered in Dubai, United Arab Emirates (UAE), has been revoked by the Dubai Virtual Assets Regulatory Authority (VARA) for not being able to meet the mandated conditions required by the regulator within the timeframes set out by VARA.
BitOasis crypto exchange claims to be the largest online digital asset platform in the Middle East and North Africa (MENA), and as per two alerts issued by the VARA on July 10, the regulator has taken enforcement action against the crypto firm and is currently reviewing its operations.
“BitOasis was issued a conditional MVP License on April 12, 2023, that would permit market operations upon the entity’s fulfillment of key conditions over 30- to 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,” said Dubai’s crypto regulator.
VARA noted that since being granted the license in April, BitOasis has yet to implement the policies and framework as prescribed by Dubai’s crypto regulator. While the regulator did not reveal the framework and policies that the crypto firm failed to follow, VARA noted that “the firm’s “license for Institutional and Qualified Retail Investors remains ‘non-operational.’”
In a May blog post, BitOasis confirmed that it had received the MVP license from Dubai’s crypto regulator and confirmed that it will be able to provide crypto trading services to the investors in the region.
The MVP license is the last step that a crypto firm has to go through to get a Full Market Product (FMP) license in Dubai. It is important to mention here that VARA has not issued the complete FMP to any crypto exchange in the region. The MVP license granted to BitOasis has now turned non-operational, as per the official website of VARA.
As per an earlier report from Bitnation, the world’s largest crypto exchange, Binance, also secured an MVP license from VARA in September 2022. The exchange provides an “approved range of virtual asset related services to suitably qualified retail and institutional investors in Dubai.”
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
