Bitcoin

Dubai-based crypto exchange BitOasis recently became the subject of enforcement actions from local regulators. The government of Dubai’s Virtual Assets Regulatory Authority (VARA) issued a <a href="https://www.vara.ae/en/regulations/regulatory-notices/market-alert-bitoasis-technologies-fze-bitoasis/" rel="noopener noreferrer nofollow">market alert</a> regarding the regulatory action taken against the crypto exchange, as well as other supervisory controls.According to a report by <a href="https://www.bloomberg.com/news/articles/2023-07-10/crypto-exchange-bitoasis-faces-reprimand-from-dubai-regulators#xj4y7vzkg" rel="noopener noreferrer nofollow">Bloomberg</a>, the Virtual Assets Regulatory Authority reprimanded BitOasis for failing to meet the conditions set by it before the latter was granted a temporary license. As one of the largest crypto exchanges catering to crypto investors in the Middle East, the license allowed the exchange to conduct business in Dubai.The market alert issued by the top crypto regulator in Dubai stated:“BitOasis is under review for not meeting mandated conditions, required to be satisfied within 30-60 day time frames prior to being permitted to undertake any VARA regulated market activity.”VARA had issued a minimum viable product (MVA) operational license to BitOasis in April 2023. The license came with mandated conditions that were supposed to be complied with as per predetermined timelines. The exchange’s failure to comply led to the enforcement actions by the local regulator.Read full article at <a href="https://cryptotale.org/dubai-regulator-initiates-enforcement-action-against-crypto-exchange-bitoasis/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Dubai Regulator Initiates Enforcement Action Against Crypto Exchange BitOasis

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