Dubai’s Virtual Asset Regulatory Authority (VARA) has recently suspended the operations of BitOasis, a cryptocurrency trading platform in the region, due to the platform’s failure to comply with essential regulatory standards, as announced by VARA in a statement.
As per the information available on the regulator’s website, BitOasis was granted a Minimal Viable Product (MVP) license on April 12, which permitted the company to provide broker-dealer services such as facilitating cryptocurrency trading and offering digital wallet services to traders.
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Although BitOasis was granted the MVP license by the regulator, certain undisclosed conditions had to be met in order to maintain the license. Unfortunately, it has been reported that the cryptocurrency trading platform failed to meet these requirements within the given timeline of 30 to 60 days, leading the regulator to suspend the license.
VARA has stated that BitOasis’ license for institutional and qualified retail investors will remain inactive until the crypto trading platform satisfies the aforementioned requirements and applies for the full market product (FMP) license.
Established in 2016, BitOasis was the pioneer virtual asset service provider to register with the Financial Intelligence Unit of the United Arab Emirates. Additionally, it was one of the early platforms to receive the Operational MVP License from VARA.
Back in April, Open Exchange, a crypto platform, received a Notice of Written Reprimand from VARA for carrying out unregulated virtual asset services in Dubai and promoting its native token FLEX without obtaining the required permits.
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