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VARA Imposes Regulatory Actions and License Suspension on BitOasis

In a surprising development, the Virtual Asset Regulatory Authority (VARA) in Dubai has issued a market alert regarding ongoing supervisory controls and enforcement actions initiated against BitOasis, a prominent virtual asset platform. This alert serves as a warning to investors and customers.

BitOasis was granted a conditional MVP License on April 12, 2023, which allowed the platform to conduct market operations upon fulfilling specific conditions within a 30-60 day timeframe. However, BitOasis has failed to meet these mandated conditions within the prescribed timelines, leading VARA to take warranted regulatory actions against the entity.

Consequently, the MVP Operational License granted to BitOasis has been suspended. This means that the entity’s License for Institutional and Qualified Retail Investors is currently non-operational until the aforementioned conditions are fulfilled. Only after meeting these conditions can BitOasis apply for the Full Market Product (FMP) License.

VARA reported that it will closely monitor the situation to ensure regulatory compliance and the fulfillment of the remedial actions imposed on BitOasis. Investors and customers are advised to take note of this development and exercise caution when dealing with BitOasis until further updates are provided.

This regulatory action against BitOasis, the first against a licensed company, marks a significant milestone for VARA, signaling its determination to maintain a robust regulatory framework within Dubai’s virtual asset industry. VARA’s proactive approach in enforcing compliance emphasizes its commitment to investor protection and the overall stability of the market. Earlier, on April 18th, VARA issued a written warning to Su Zhu, Kyle Davies, the other two co-founders of OPNX, and the platform’s CEO.

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