TechFlow reports that Dubai's cryptocurrency regulator has taken action to suspend the license of cryptocurrency exchange BitOasis. According to Cointelegraph, this is due to BitOasis failing to meet regulatory requirements within the specified timeframe. The Virtual Assets Regulatory Authority (VARA) issued two alerts and launched enforcement actions against Dubai-based BitOasis, and is currently reviewing the company.
VARA stated that BitOasis received a conditional license on April 12, allowing it to continue operations provided the company met key conditions within a "30-60 day window."
However, the regulator said these conditions have not yet been fulfilled. Although VARA did not specify exactly which conditions BitOasis failed to meet, it noted that the company’s institutional and qualified retail investor license remains in a "non-operational" status until the conditions are satisfied.
