Dubai's VARA Suspends It’s First Crypto Exchange BitOasis
- Dubai's VARA suspends BitOasis' crypto exchange license over unmet conditions.
- The suspension hinders BitOasis's pursuit of a Full Market Product license.
- VARA continues to monitor BitOasis for compliance rectification.
- BitOasis' license was Dubai's first for a crypto exchange.
Stop work 🛑: It appears that BitOasis, the first crypto exchange in Dubai to receive an operational license, has run into a regulatory roadblock. Dubai's Virtual Assets Regulatory Authority (VARA) has suspended BitOasis' conditional license for failing to meet the stipulated conditions within the required timeframe. The specifics of these conditions haven't been disclosed, leaving a cloud of mystery over what exactly led to the suspension.
Terms and conditions: BitOasis had received an initial operational license back in April, which would allow it to provide broker-dealer services to qualified institutional and retail investors in Dubai. However, this license was conditional on meeting certain criteria within 30-60 days, a requirement BitOasis seemingly failed to fulfill. Now, the exchange will have to satisfy those conditions to become operational again, and to eventually apply for a full market product (FMP) license.
This isn't VARA's first regulatory shake-up. Back in April, the authority reprimanded Su Zhu and Kyle Davies, co-founders of the defunct crypto hedge fund Three Arrows Capital, for operating their new OPNX crypto exchange in Dubai without the necessary license. As for BitOasis, VARA has stated it will continue to oversee the situation for any remediation of regulatory compliance. At the time of writing, neither BitOasis nor VARA have made additional comments on the matter.
In other news,