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  <p class="is-style-lead">Dubai’s digital asset regulator, the Virtual Asset Regulatory Authority (VARA), has suspended crypto exchange BitOasis from operating in the region.</p> 
  <p>The regulatory body <a href="https://www.vara.ae/en/regulations/regulatory-notices/market-alert-2-bitoasis-technologies-fze-bitoasis/" target="_blank" rel="noopener noreferrer nofollow">accused </a>BitOasis of failing to meet the necessary regulatory requirements, prompting the <a href="https://www.vara.ae/en/regulations/regulatory-notices/market-alert-2-bitoasis-technologies-fze-bitoasis/" target="_blank" rel="noopener noreferrer nofollow">suspension </a>that took effect on July 10.</p> 
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     <p lang="en" dir="ltr">You can continue using BitOasis, knowing your assets are safe and secure, held 1-to-1, and our team will continue working closely with VARA and remediate all outstanding post-licensing conditions of our operational MVP license, and work towards a full market product (FMP) license</p>— BitOasis (@bitoasis) <a href="https://twitter.com/bitoasis/status/1678715599382347783?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 11, 2023</a> 
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  <p>BitOasis obtained a Minimal Viable Product (MVP) license from VARA on April 12, enabling the company to provide broker-dealer services. This license allowed traders to buy and sell cryptocurrencies and access digital wallet services through the platform.</p> 
  <p>However, the license was contingent upon BitOasis fulfilling certain undisclosed requirements within 30 to 60 days.</p> 
  <p> You might also like: <a href="https://crypto.news/dubai-deepens-crypto-ties-with-proposed-bitcoin-tower-hotel/" rel="noopener noreferrer nofollow"> Dubai deepens crypto ties with proposed Bitcoin Tower Hotel </a> </p> 
  <p>However, BitOasis did not meet these requirements, leading to the suspension of its license by VARA. Consequently, the entity’s license for institutional and qualified retail investors remains non-operational until BitOasis fulfills the conditions and applies for the full market product (FMP) license.</p> 
  <p>The MVP license is issued as a preliminary step before issuing the more comprehensive FMP license, both granted by VARA. Notable companies that have received the MVP license include Bybit, <a href="https://crypto.news/okx-middle-east-receives-mvp-preparatory-license-from-vara-in-dubai/" rel="noopener noreferrer nofollow">OKX</a>, and <a href="https://crypto.news/dubai-dives-deeper-into-binances-operations-for-licensing/" rel="noopener noreferrer nofollow">Binance</a>.</p> 
  <p> You might also like: <a href="https://crypto.news/okx-middle-east-receives-mvp-preparatory-license-from-vara-in-dubai/" rel="noopener noreferrer nofollow"> OKX Middle East receives MVP preparatory license from VARA in Dubai </a> </p> 
  <p>BitOasis, in response to the regulatory concerns, published a blog post on July 11, acknowledging the issues surrounding its Operational MVP License for serving institutional and qualified retail investors. The platform stated that it is actively working with VARA to fulfill the remaining conditions and rectify the situation promptly.</p> 
  <p>The crypto exchange clarified that suspending its MVP license does not affect its other services, such as broker-dealer services for existing retail users.</p> 
  <h2 class="wp-block-heading" id="dubai-s-crypto-regulatory-landscape">Dubai’s crypto regulatory landscape</h2> 
  <p>It is worth noting that two weeks ago, Bybit obtained an MVP license to offer limited services in Dubai. Bybit <a href="https://crypto.news/bybit-to-open-global-headquarters-in-dubai-following-50-increase-in-users/" rel="noopener noreferrer nofollow">relocated its headquarters </a>to the region in April, with plans to engage in hackathons in collaboration with local companies and launch educational programs and entrepreneurial initiatives.</p> 
  <p>Similarly, Binance, the world’s largest crypto exchange by trading volume, has been strengthening its operations in Dubai to overcome regulatory challenges encountered in the global market.</p> 
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   <div class="wp-block-embed__wrapper"> <iframe title="The Shocking State of Crypto in Dubai" width="1020" height="574" src="https://www.youtube.com/embed/0zn6gYk0jwA?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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  <p>While Dubai continues to attract cryptocurrency companies due to its favorable regulatory environment, VARA remains committed to safeguarding regional investors.</p> 
  <p>The regulatory authority has also reprimanded OPNX, a company claiming to facilitate trading bankruptcy claims for collapsed companies like FTX, for operating an unregulated platform.</p> 
  <p>In May, VARA <a href="https://crypto.news/dubai-crypto-regulator-sends-reprimand-letter-to-opnx-founders/" rel="noopener noreferrer nofollow">issued </a>a cease-and-desist order to OPNX’s founders, Kayles Davis, and Su Zhu, who were previously associated with the defunct crypto hedge fund Three Arrows Capital (3AC).</p> 
  <p> Read more: <a href="https://crypto.news/dubai-crypto-regulator-sends-reprimand-letter-to-opnx-founders/" rel="noopener noreferrer nofollow"> Dubai crypto regulator sends reprimand letter to OPNX founders </a> </p>
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Dubai withdraws crypto exchange’s license for non-compliance

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