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On July 10, the Emirates Virtual Assets Regulatory Authority (VARA) issued a market alert stating that it has initiated enforcement action against the BitOasis crypto exchange.
BitOasis is one of the largest crypto platforms focused on customers in the Middle East.
Dubai regulator on alert
According to WarningBitOasis is being reviewed for “non-compliance with mandatory conditions that must be met within a 30-60 day time frame before any VARA regulated market activity is allowed to commence.”
BitOasis was awarded Dubai’s first “minimum viable product operating license” earlier this year, but the regulator could revoke that license.
The Dubai regulator said it was “exercising its authority to monitor and monitor compliance,” adding that enforcement actions could include “keeping BitOasis’ license status as non-operational.”
The license allows the company to provide broker-dealer services for crypto assets to qualified retail and institutional investors from its Dubai headquarters.
BitOasis, which operates in 14 countries across MENA (Middle East and North Africa), boasts a trading volume of over $3 billion, according to its website.
Last year, the exchange had laid off 5% of its staff citing recession and market turmoil.
This is not the first time that Dubai’s regulators have issued warnings and reprimands. In April, VARA issued reprimands to Kyle Davis and Su Zhu, co-founders of bankrupt crypto hedge fund Three Arrows Capital.
In May, the regulator reprimanded OpenX founders Mark Lamb and Sudhu Arumugam as well as its CEO Leslie Lamb for conducting unregulated activities.
In late June, Dubai-based crypto exchange Bybit received a minimum viable product preparation license from VARA. Bybit has also cut staff during the crypto bear market.
crypto market outlook
The market is marginally up, but volumes are low and trading remains sideways. After a 1.6% gain on the day, total capitalization has reached $1.23 trillion at the time of writing.
Bitcoin briefly soared to $31,000 during late trading on July 10, but was unable to hold that level and quickly fell back to yesterday’s levels of around $30,400.
Ethereum was up 1.3% at $1,881 at the time of writing. Binance Coin (BNB) and Polygon (MATIC) were performing well, with gains of 5% and 8% respectively.
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On July 10, the Emirates Virtual Assets Regulatory Authority (VARA) issued a market alert stating that it has initiated enforcement action against the BitOasis crypto exchange.
BitOasis is one of the largest crypto platforms focused on customers in the Middle East.
Dubai regulator on alert
According to WarningBitOasis is being reviewed for “non-compliance with mandatory conditions that must be met within a 30-60 day time frame before any VARA regulated market activity is allowed to commence.”
BitOasis was awarded Dubai’s first “minimum viable product operating license” earlier this year, but the regulator could revoke that license.
The Dubai regulator said it was “exercising its authority to monitor and monitor compliance,” adding that enforcement actions could include “keeping BitOasis’ license status as non-operational.”
The license allows the company to provide broker-dealer services for crypto assets to qualified retail and institutional investors from its Dubai headquarters.
BitOasis, which operates in 14 countries across MENA (Middle East and North Africa), boasts a trading volume of over $3 billion, according to its website.
Last year, the exchange had laid off 5% of its staff citing recession and market turmoil.
This is not the first time that Dubai’s regulators have issued warnings and reprimands. In April, VARA issued reprimands to Kyle Davis and Su Zhu, co-founders of bankrupt crypto hedge fund Three Arrows Capital.
In May, the regulator reprimanded OpenX founders Mark Lamb and Sudhu Arumugam as well as its CEO Leslie Lamb for conducting unregulated activities.
In late June, Dubai-based crypto exchange Bybit received a minimum viable product preparation license from VARA. Bybit has also cut staff during the crypto bear market.
crypto market outlook
The market is marginally up, but volumes are low and trading remains sideways. After a 1.6% gain on the day, total capitalization has reached $1.23 trillion at the time of writing.
Bitcoin briefly soared to $31,000 during late trading on July 10, but was unable to hold that level and quickly fell back to yesterday’s levels of around $30,400.
Ethereum was up 1.3% at $1,881 at the time of writing. Binance Coin (BNB) and Polygon (MATIC) were performing well, with gains of 5% and 8% respectively.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
