One of the biggest cryptocurrency platforms with a Middle Eastern user base, BitOasis, is being reprimanded by Dubai for failing to comply with regulatory requirements laid forth by the local government.
On Monday, the Virtual Assets Regulatory Authority of the emirate released a market notice announcing the start of an enforcement action against the cryptocurrency exchange.
Middle Eastern crypto exchange
The notice, which was given to Bloomberg News, stated that BitOasis was being examined because it had not complied with prerequisites that had to be met within 30 to 60 days to be allowed to engage in any VARA-regulated market activity.
Early this year, BitOasis was granted the first of Dubai’s alleged “minimum viable product operational licenses.” According to the alert, more actions may be taken, such as revoking the exchange’s permission to operate.
- Dubai reprimands BitOasis for non-compliance with local government regulations.
- Dubai grants BitOasis the first operational license; more actions may follow.
- Global enforcement actions against cryptocurrency companies escalate.
With the license, BitOasis will be able to provide broker-dealer services for digital assets “to qualified retail and institutional investors from its Dubai HQ under VARA’s regulatory regime,” the business said in a statement at the time.
Regarding the VARA notice, BitOasis declined to respond. Requests for comments from Dubai’s regulators were not immediately responded to.
The warning is the most recent in a wave of enforcement actions against cryptocurrency companies that have taken place all across the world.
Kyle Davies and Su Zhu, the co-founders of the now-defunct cryptocurrency hedge fund Three Arrows Capital, as well as Mark Lamb, Sudhu Arumugam, and Leslie Lamb were given a formal warning about the actions of the digital asset exchange OPNX, according to VARA.
