VARA Imposes Regulatory Actions On BitOasis
The Dubai-based Virtual Asset Regulatory Authority (VARA) has issued a market notice about ongoing supervisory controls and enforcement measures against BitOasis, a well-known virtual asset platform. This advisory is intended to act as a warning to investors and customers.
BitOasis was granted a conditional MVP License on April 12, 2023, allowing market operations within a 30-60 day timeframe. However, the platform failed to meet the conditions, leading to VARA taking regulatory action. As a result, the MVP Operational License has been suspended, and BitOasis’ License for Institutional and Qualified Retail Investors is currently non-operational until these conditions are met.
VARA will closely monitor BitOasis’ situation to ensure regulatory compliance and fulfill remedial actions. This is the first regulatory action against a licensed company, signaling VARA’s commitment to maintaining a robust regulatory framework in Dubai’s virtual asset industry. VARA’s proactive approach emphasizes investor protection and market stability. The company issued a written warning to Su Zhu, Kyle Davies, co-founders of OPNX, and the platform’s CEO on April 18th.
(With inputs from Shikha Singh)
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