On July 10, BitOasis, the first crypto exchange to receive an operating license in Dubai, lost its license due to failure to meet mandated conditions. The Dubai crypto regulator Virtual Assets Regulatory Authority (VARA) suspended the license and issued two different alerts about the exchange which was granted the conditional license on April 12 with a period to meet its requirements.
BitOasis Crypto Exchange Failed To Meet License Conditions
According to the recent alerts from the VARA, the BitOasis crypto exchange is now under review. This comes after the authority had granted the conditionals license to BitOasis, allowing it to operate in the country. But it mandated the exchange to meet its requirements within 30-60 days.
However, the crypto exchange failed to meet the conditions within the time frame resulting in the license suspension. In the alert issued on July 10, Dubai’s authority stated it is exercising its authority under the Virtual Assets and Related Activities Regu
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