BitOasis’ license got suspended because it failed to meet the regulatory requirements set by Dubai’s crypto regulator VARA. The BitOasis, which is one of the biggest trading platforms in Dubai, currently facing suspension, which means that the platform will no longer be able to provide services related to trading and investing in cryptocurrencies across the country within the timeframe set by the Virtual Assets Regulatory Authority. The Platform secured the MVP license in May of this year. Recently a non-regulatory action was imposed against BitOasis by the crypto regulator of Dubai, VARA.

Two market alert notices have been issued on Tuesday, June 10, 2023, which are the initiative to indicate that the cryptocurrency platform, BitOasis’ license of MVP (Minimum Viable Product) got suspended due to not meeting the mandatory terms and conditions of VARA. Though the specified regulations are not yet disclosed. 

VARA has confirmed that BitOasis’ MVP license is currently on hold due to all the enforcing actions and supervision systems in UAE. The information has been regulated to inform all the customers and investors through market alerts.

The Virtual Assets Regulatory Authority, VARA said, “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.”

It also said, “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.” 

BitOasis was awaiting a conditional license later on July 12, but VARA has clarified that the operational process can not be implemented, and the license along with the verified retail investors will remain “non-operational” unless and until they met “key conditions over 30-60 days timeframes”.

The exchange platform confirmed that they are coordinating and thoroughly checking with all the regulatory causes to “remediate all outstanding post-licensing conditions of our operational MVP licence”. At the same time, they are trying to secure the FMP, Full Market Product License.

The company also explained, “Transparency has always been a key value of our business – we will continue to update our community as we address these requirements prior to applying for an FMP license.”

The platform has shared a statement on Tuesday, in which it said, “We remain committed to securing a broker-dealer license, and operating a compliant, regulated platform in and from Dubai under Vara’s supervision.”

According to the VARA’s updated website report, BitOasis is yet to get its FMP License. MVP is the early stage of FMP, which can be secured only after successfully gathering feedback and ordaining a satisfying market fit.

The products and services provided by the BitOasis from their Dubai office to all their customers, and verified retail investors in UAE are due to the secure authorization of MVP license.

The MVP License also causes to maintain a successful partnership between the platform and the investors in UAE, “to provide qualified investors the opportunity to buy, sell and hold virtual assets on the platform”. After securing the license in May it assured to launch new virtual assets and products to, “continued focus on driving accessibility, consumer protection and utility across the virtual asset ecosystem.”

The platform BitOasis has launched in 2016, and since then has successfully served across 15 different markets in the MENA region.

As a result, the company has processed more than $5 billion of trading volume and imputed more than $35 Billion of funding from global and regional investors, which includes Pantera, Jump Capital, and Wamda Capital.

The exchange platform also said that the continuation of services with the existing retail customers and the ability of the broker-dealer circle are not going to affect after the taken market actions by VARA.

The company said, “Although we undertake to not on-board any new clients until we have fully complied with Vara requirements.”

“We knew that taking the lead in the ecosystem will come with its unique challenges, and we are glad to be tackling them in close cooperation with our regulator,” further they added.