Dubai: stop for BitOasis

12 July 2023

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BitOasis - one of the largest client-facing cryptocurrency platforms in the Middle East - was stopped in Dubai. 

Dubai regulator has suspended the license of BitOasis for failing to meet the mandatory conditions defined by the local regulatory authority.

The emirate's Virtual Assets Regulatory Authority (VARA) issued a market advisory on Monday. That advisory announced the action against the cryptocurrency exchange.

BitOasis, on 12 April, had obtained the license from VARA provided that the exchange met the key conditions for periods of 30-60 days. But that didn’t happen.

It is not yet known what were the "key conditions" of BitOasis. For the moment, the company will remain inactive.

SOURCE: CoinTelegraph

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