The Virtual Assets Regulatory Authority (VARA) announced on July 10 its enforcement action against Dubai-based cryptocurrency exchange provider, BitOasis, for not fulfilling mandated conditions that were set out in its conditional license. VARA noted that until the firm meets the 30 to 60 day timeframe conditions set for it, its “License for Institutional and Qualified Retail Investors” would no longer be in operation. Besides that, before the issuing of the Dubai digital firm’s Full Market Product (FMP) license, the same conditions must be completed.
Recent news about BitOasis may be connected to Three Arrows Capital founders, Su Zhu and Kyle Davies and their alleged rouge OPNX crypto exchange chain, operating without the required VARA license. On the backend, VARA commented that BitOasis would be closely monitored for its “regulatory compliance remediation.” However, both BitOasis and VARA did not reply to our direct request for confirmation.
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