BitOasis, one of the largest crypto exchanges in the Middle East is working with the regulator in Dubai following the suspension of its operating license. A winning strategy for the platform?
When BitOasis pulls out all the stops to get in the good graces of Dubai’s regulators
The volatile nature of the crypto ecosystem is prompting regulators to take strict measures vis-à-vis exchanges. Recently, VARA, the crypto regulator has suspended the license of BitOasis as part of its ongoing surveillance checks of the crypto market. According to its statements, the crypto asset provider is reportedly under investigation for non-compliance with mandatory conditions.
However, since its suspension, the platform has not been sitting idly by. In fact, it announced in a tweet working hand in hand with VARA to meet all post-licensing conditions following the suspension of its operational MVP license.
Crypto supplier aims one notch higher, an FMP license!
BitOasis obtained its license from VARA earlier this year. With this suspension, several things need to be done to put its house in order. The exchange is sparing no effort to regain the regulator’s trust in order to recover its MVP license and, why not, obtain an FMP license.
As a reminder, an MVP license (minimum viable product) is a first version of a service for market testing and customer feedback. With the latter, BitOasis had the opportunity to provide crypto services to institutional and retail investors from its office in Dubai.
But that’s not all! It also enabled the company to forge strategic relationships in the Middle East. With the suspension of its operating license, the company is working to meet regulatory compliance. To this end, it hopes to obtain a Full Market Product (FMP) license.
BitOasis aims to continue leading the Middle East crypto sector
With more than seven years of existence, the crypto exchange platform founded in 2016 powers more than 15 crypto markets. Notably, in North Africa and the Middle East region. Building on this experience, BitOasis declares that the VARA does not affect the quality of its services. Indeed, although it has chosen to stop accepting new customers, the platform continues to provide brokerage services to its existing customers.
In terms of quality, the platform has already proved its worth. The team Coinpri tested fiat deposits and withdrawals 2 days ago and everything works fine.
BitOasis is a reliable platform, but still needs to prove itself to VARA. Transparency being the order of the day in the crypto ecosystem, the exchange is doing its utmost to comply with market rules in order to expand its services, which are already attracting many investors.
Passionate about stock market trading and cryptocurrencies, I write articles on the subject to share my experience and keep you up to date. I’m convinced that cryptocurrencies open up new perspectives and that everyone should experiment with them.