Dubai’s digital asset regulator, the Virtual Asset Regulatory
Authority (VARA), has suspended BitOasis, a cryptocurrency trading platform,
from operating in the region. VARA announced the suspension yesterday (Monday),
accusing the trading platform of failing to meet the necessary regulatory
requirements.
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BitOasis was issued a
Minimal Viable Product (MVP) license by the regulator on April 12. The license
allowed the company to offer broker-dealer services, according to the
information on the regulator’s website. The services included enabling traders to buy and sell cryptocurrencies and access digital wallet services.
However, the license was issued
on the condition that BitOasis meet certain requirements which were not disclosed
by the regulator in the press release. The crypto trading platform reportedly
did not meet the requirements, which had a timeline of between 30 to 60 days,
forcing the regulator to suspend the license.
“The entity’s
license for institutional and qualified retail investors remains
non-operational until the aforementioned conditions are fulfilled for BitOasis
to apply for the full market product (FMP) license,” the VARA stated.
Keep Reading
The VARA issues MVP
licenses to cryptocurrency trading companies as one of the steps before a full
market product (FMP) license is issued. Some of the notable companies that have since
received the MVP license include Bybit, OKX, and Binance.
Two weeks ago, Finance
Magnates reported that
Bybit had obtained
the MVP license in
Dubai to offer limited services. The exchange moved
its headquarters to the region in April with plans to organize hackathons in partnership with the local companies and to launch educational programs and entrepreneurial initiatives.
Dubai’s Crypto Regulatory
Landscape
Similarly, the largest
cryptocurrency exchange by trading volume, Binance, is focusing on strengthening
its operations in Dubai to counter the regulatory challenges it faces in the global market. The
General Manager of Binance Dubai, Alex Chehade, recently commented in a
conversation with Cointelegraph that Dubai had favorable regulations.
Even as more cryptocurrency companies apply for licenses to operate in Dubai because of the perceived favorable regulatory environment, the VARA is keen on protecting the investors in the region.
The
regulator reprimanded OPNX, a company which claims to allow investors
to trade bankruptcy claims for collapsed companies such as FTX, for allegedly
operating an unregulated platform. The VARA issued the cease-and-desist order
in May to OPNX’s Founders, Kayles Davis and Su Zhu, who founded the defunct
crypto hedge fund, Three Arrows Capital (3AC).
Dubai’s digital asset regulator, the Virtual Asset Regulatory
Authority (VARA), has suspended BitOasis, a cryptocurrency trading platform,
from operating in the region. VARA announced the suspension yesterday (Monday),
accusing the trading platform of failing to meet the necessary regulatory
requirements.
BitOasis was issued a
Minimal Viable Product (MVP) license by the regulator on April 12. The license
allowed the company to offer broker-dealer services, according to the
information on the regulator’s website. The services included enabling traders to buy and sell cryptocurrencies and access digital wallet services.
Discover StealthEX.io – the future of cryptocurrency. Swap instantly across 1000+ coins, no sign-up, secure, and private. Dive into the new age of crypto!
However, the license was issued
on the condition that BitOasis meet certain requirements which were not disclosed
by the regulator in the press release. The crypto trading platform reportedly
did not meet the requirements, which had a timeline of between 30 to 60 days,
forcing the regulator to suspend the license.
“The entity’s
license for institutional and qualified retail investors remains
non-operational until the aforementioned conditions are fulfilled for BitOasis
to apply for the full market product (FMP) license,” the VARA stated.
Keep Reading
The VARA issues MVP
licenses to cryptocurrency trading companies as one of the steps before a full
market product (FMP) license is issued. Some of the notable companies that have since
received the MVP license include Bybit, OKX, and Binance.
Two weeks ago, Finance
Magnates reported that
Bybit had obtained
the MVP license in
Dubai to offer limited services. The exchange moved
its headquarters to the region in April with plans to organize hackathons in partnership with the local companies and to launch educational programs and entrepreneurial initiatives.
Dubai’s Crypto Regulatory
Landscape
Similarly, the largest
cryptocurrency exchange by trading volume, Binance, is focusing on strengthening
its operations in Dubai to counter the regulatory challenges it faces in the global market. The
General Manager of Binance Dubai, Alex Chehade, recently commented in a
conversation with Cointelegraph that Dubai had favorable regulations.
Even as more cryptocurrency companies apply for licenses to operate in Dubai because of the perceived favorable regulatory environment, the VARA is keen on protecting the investors in the region.
The
regulator reprimanded OPNX, a company which claims to allow investors
to trade bankruptcy claims for collapsed companies such as FTX, for allegedly
operating an unregulated platform. The VARA issued the cease-and-desist order
in May to OPNX’s Founders, Kayles Davis and Su Zhu, who founded the defunct
crypto hedge fund, Three Arrows Capital (3AC).