Dubai’s Cryptocurrency Authority Revokes bitOasis’ Authorization

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BitOasis

BitOasis, which was the first cryptocurrency exchange to receive a crypto licence in Dubai was suspended by the authority for failing to satisfy the important requirements and conditions on time. On July 10, The Virtual Assets Regulatory Authority (VARA) released two notifications warning BitOasis that it has taken action against it and its license is now subject to be examined by the regulatory authority from time to time. On April 12, BitOasis received an alert message from them to run it as long as it meets “the key conditions over 30–60-day timeframes”, which the regulator claimed had not yet been satisfied. 

BitOasis’ Licence Remains Non-Operational, VARA Claims

VARA announced BitOasis’ operational crypto exchange as null and void, though it did not cite any reason as to why it is so. In May, the exchange obtained an Institutional investing license from VARA which enabled the Dubai-based agency to offer services to prominent retailers and investors in Dubai. To get the license of Full Market Product (FMP), a company must go through a few step-by-step processes, among them this license which the exchange has is the last. No company has received an FMP license from VARA yet. BitOasis needs to satisfy the requirements mentioned in its license to apply for an FMP license. 

Recently, VARA has taken strict measures against the co-founders of a defunct cryptocurrency hedge Three Arrows Capital namely Se Zhu and Kyle Davis for violating VARA’s policy of license and continuing their unscrupulous business of operating the new OPNX cryptocurrency exchange in Dubai without the appropriate license required for it. Regarding the recent case of BitOasis, VARA conveyed to the concerned parties that they will carry on with their investigation and regulatory process to detect such unlicensed activities and put an end to it in their authorial capacity.