Mediaboss Marketing

Dubais crypto regulator is cracking down on BitOasis, a major crypto exchange for Middle Eastern customers, for failing to meet required conditions. As the UAE sets a precedent for increased scrutiny, hopes of gaining a license look dim for troubled crypto exchange Binance.

Founded in Dubai in 2016, BitOasis was the first to receive Dubais minimum viable product operational license in May. It allowed the firm to offer broker-dealer crypto services to qualified retail and institutional investors from its Dubai HQ under VARAs regulatory regime, according to a BitOasis statement.

However, Dubais Virtual Assets Regulatory Authority (VARA) issued a market alert on Monday stating that BitOasis was under review. It didnt specify how the firm hadnt met mandated conditions, but BitOasis now has to satisfy the regulators demands within 30-60 day timeframes before it can conduct market activity in Dubai.

If BitOasis fails to comply, the firm could risk losing its license, VARA warned. A BitOasis spokesperson said its working closely with the regulator to ensure this doesnt happen.

Read more: Scoop: Major crypto arbitrage fund says Binance US discounts arent worth risk

VARAs crackdown comes amid the UAEs increased efforts to attract crypto business to the region. It decided to regulate the crypto industry at the end of 2022.

Crypto firms like Binance are eyeing the country as the next hub for their operations. Binance chief Changpeng Zhao reportedly lives in Dubai the firm submitted an application to register in the region. However, VARA requested more information into Binances ownership structure, governance, and auditing procedures at the start of April.

With BitOasis under scrutiny, Binances hopes of receiving a license in Dubai becomes less likely after all, the firm is in hot water with regulators across the US, EU, and Australia.

Got a tip? Send us anemailorProtonMail.For more informed news, follow us onTwitter,Instagram,Bluesky, andGoogle News,or subscribe to ourYouTubechannel.

Continued here:

Dubai's crackdown on BitOasis spells bad news for Binance - Protos