Benzinga - The Virtual Assets Regulatory Authority (VARA) has announced a halt in the conditional MVP Operational License for BitOasis, a cryptocurrency exchange based in Dubai.
This action follows BitOasis's failure to meet specific conditions within an established time frame.
BitOasis received the conditional MVP license on April 12, which allowed market operations given the platform fulfilled a set of key conditions over a period of 30-60 days.
However, due to non-compliance with these obligatory conditions within the stipulated timelines, VARA felt it necessary to initiate regulatory actions against BitOasis.
As a consequence, the company's license, which pertains to institutional and qualified retail investors, remains inactive.
This license will stay non-operational until BitOasis can fulfill the required conditions, at which point the crypto exchange can apply for the Full Market Product (FMP) License.
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VARA stated that it plans to maintain its oversight of BitOasis, ensuring the crypto exchange complies with regulatory requirements and completes the corrective actions imposed upon it.
In response to VARA's actions, BitOasis stated that it is in ongoing communications with VARA to meet the necessary conditions.
The company clarified that the halted license was designated for institutional and qualified investors, a group to whom BitOasis had not yet begun offering services.
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