Dubai Regulator Suspends Crypto Exchange BitOasis' Conditional License
BitOasis said it's working closely with the Virtual Assets Regulatory Authority to fulfil the conditions.
Jul 11, 2023 at 10:06 a.m. UTC/arc-photo-coindesk/arc2-prod/public/OGSWVF6C3VEKHGNM2YFB434DDE.png)
Drive the Crypto Policy Conversation Forward
October 24, 2023 • Convene • Washington D.C.Register NowDubai's digital assets regulator suspended BitOasis' conditional license and initiated enforcement action just three months after issuing one, saying the cryptocurrency exchange had failed to meet certain conditions.
"BitOasis is under review for not meeting mandated conditions, required to be satisfied within 30-60 day timeframes prior to being permitted to undertake any VARA regulated market activity ... ," the Virtual Assets Regulatory Authority said in a notice on Monday.
BitOasis, which received the license in April, said it is working closely with VARA to fulfil the conditions and that the license specifically covers institutional and qualified investors, to whom it had not yet provided services.
"This does not impact our ability to continue to provide broker dealer services to our existing retail users, although we undertake to not onboard any new clients until we have fully complied with VARA requirements," it said in a blog post.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
:format(webp)/www.coindesk.com/resizer/2T8HrOlILUCuZc0Nt5fqKxPPy6E=/arc-photo-coindesk/arc2-prod/public/LW4HUR2U7BC5RFC4XSV6HGCP4E.png)
Amitoj Singh is CoinDesk's regulatory reporter covering India. He holds BTC and ETH below CoinDesk's disclosure threshold of $1,000.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.