BitOasis, a key player in the Middle East’s crypto market, has come under the scrutiny of Dubai’s Virtual Assets Regulatory Authority (VARA).
The regulators have initiated an enforcement action against the crypto platform for failing to comply with the license conditions mandated within the 30-60 day timeframes.
Earlier this year, BitOasis was issued the first “minimum viable product operational licenses” by VARA. This license was set to enable the firm to deliver broker-dealer services for digital assets to qualified retail and institutional investors.
However, BitOasis is now in troubled waters as it faces the risk of license revocation due to non-compliance. The license currently held by the exchange for institutional and qualified retail investors is non-operational. It must meet the conditions laid out in its present license to be eligible to apply for a Full Market Product (FMP) license.
This isn’t the first time VARA has taken such action. The regulatory body has previously handed out written reprimands to individuals and entities linked to the activities of OPNX, another digital asset exchange.
As BitOasis seeks to address the stipulated conditions, VARA has committed to continue monitoring the firm’s regulatory compliance and fulfillment of remedial actions, indicating a stringent regulatory landscape for crypto exchanges in the region.
Also Read: Dubai’s VARA Issues Reprimand to 3AC Founders’ OPNX Exchange
