Dubai’s Virtual Assets Regulatory Authority (VARA) has reprimanded BitOasis, one of the largest crypto platforms in the Middle East. The reprimand was issued because BitOasis failed to meet mandated conditions set by the local regulator.
BitOasis is a Middle East-focus exchange with offices in Dubai and Abu Dhabi. In April, the exchange obtained a “minimum viable” license from Dubai, allowing it to provide broker-dealer services for digital assets to qualified retail and institutional investors.
The VARA alert did not specify the specific conditions that BitOasis failed to meet. However, the regulator stated that the exchange is currently “under review” and warned that further enforcement action could be taken if the mandated conditions are not met.
BitOasis has not yet responded to the VARA alert.
This reprimand is part of a global wave of enforcement actions targeting crypto companies. In recent months, regulators in various countries, such as Binance, Huobi, and Bybit, have taken measures against crypto exchanges.
The crackdown on crypto exchanges can be attributed to several factors, including the rising popularity of cryptocurrencies, increased market volatility, and concerns about money laundering and other financial crimes.
The impact of VARA’s reprimand on BitOasis’ operations remains to be seen. Nevertheless, the reprimand reflects the serious approach taken by Dubai’s regulators towards the regulation of crypto assets.
Genesis-FTX Legal Battle Could Delay Payouts for Crypto Creditors
