The Dubai Virtual Assets Regulatory Authority has suspended the license of BITOASIS for cryptocurrencies and will not allow the platform to provide its services to individuals and investors in the crypto sector in the Emirate of Dubai.
The authority clarified through a warning posted on its platform that it issued a notice regarding the Bit Oasis cryptocurrency exchange platform, suspending the license of the platform for failing to comply with mandatory conditions within the time limits set by the authority.
The authorities indicated that the platform received conditional regulatory approval to provide encryption services on April 12, 2023, and the authorities requested that the platform team make changes to its services and ecosystem to fully comply with all necessary rules and regulations within 60 days that the team does not managed to do, according to the Emirati newspaper Al Bayan.
The authorities added that, in light of the foregoing, BitOasis’ entity license for institutional and qualified retail investors remains “inactive” until the above conditions are later met and until BitOasis is able to apply for a Full Market Product License ( FMP).
He emphasized that VARA must continue to monitor compliance and take corrective action imposed on BitOasis.
