BitOasis, Dubai-Based Crypto Exchange, Gets VARA Regulatory Reprimand - Bloomberg
Dubai is reprimanding BitOasis, one of the largest crypto platforms focused on customers in the Middle East, for failing to meet mandated conditions set forth by the local regulator.
Dubai, which pitches itself as a global crypto hub, has been tightening scrutiny of license seekers since last year’s bankruptcy of FTX. The emirate’s Virtual Assets Regulatory Authority issued a market alert on Monday, saying it had initiated an enforcement action against BitOasis.
“BitOasis is under review for not meeting mandated conditions, required to be satisfied within 30-60 day timeframes prior to being permitted to undertake any VARA regulated market activity,” the regulator said in the alert, which was sent to Bloomberg News.
Dubai has been requesting more information from applicants including Binance, the world’s largest digital-asset exchange, Bloomberg reported in April. The action against BitOasis, a well-known firm to local regulators, suggests an even stricter approach going forward.
No comments:
Post a Comment