Dubai crypto authority suspends BitOasis

DUBAI — Middle East cryptocurrency platform BitOasis announced Tuesday in an online press statement that it will work with Dubai’s regulatory agency to meet unfulfilled licensing requirements, after its license was suspended the day before by the crypto authority. 

Dubai’s Virtual Assets Regulatory Authority (VARA) issued its suspension via a market alert on its website for BitOasis not meeting requirements needed for its Operational Minimum Viable Product (MVP) License obtained in April. This license allows the cryptoplatform to work with institutional and qualified investors. 

“VARA is exercising its authority to supervise and monitor compliance, assure fulfillment of prescribed conditions, impose remedial measures and take necessary enforcement actions, including but not limited to holding BitOasis’ License status as nonoperational,” stated the warning by the virtual assets authority founded in May 2022. 

VARA said BitOasis will need to meet the mandated conditions for the license within 30 to 60 days or likely face permanent suspension. 

The Dubai-based platform said it plans to fulfill all its outstanding post-licensing requirements for the Operational MVP License while still serving its current clients. 

“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,” wrote BitOasis on Tuesday in its response to the VARA suspension announcement.  

The 2016-founded Dubai platform was the first virtual asset service provider to register with the United Arab Emirates' Financial Intelligence Unit, and one of the first platforms to receive an Operational MVP License from VARA. 

In April, VARA issued a Notice of Written Reprimand against cryptoplatform Open Exchange for conducting unregulated virtual asset services in Dubai, and for marketing its native token FLEX without the necessary permits.