BitOasis crypto exchange faces license suspension in Dubai

The Virtual Assets Regulatory Authority (VARA) in Dubai has announced the suspension of the operating license of BitOasis, the city's first licensed cryptocurrency exchange.

The suspension was due to BitOasis' failure to fulfill a number of mandatory conditions within the timeframe set by the regulator.

VARA had granted BitOasis a conditional license on April 12, allowing the exchange to operate provided it fulfilled specific key conditions within 30-60 days. However, BitOasis was unable to meet these conditions within the given timeframe, leading to the suspension of its license.

While VARA did not disclose the specific conditions that BitOasis failed to meet, the regulator explained that the exchange's license for institutional and qualified retail investors is now considered "non-operational" until those conditions are fulfilled.

BitOasis had received one of the city's "minimum viable product operational licenses" from VARA, enabling it to offer broker-dealer services to qualified institutional and retail investors. However, the issuance of a full market product (FMP) license, which represents the final step in the licensing process, has not yet been granted to any firm by VARA.

VARA will closely monitor BitOasis' regulatory compliance and review its progress toward remediation.