Bitoasis faces license suspension by Dubai regulator

by Jul 11, 2023CryptoNews0 comments

Bitoasis, a Dubai-based cryptocurrency exchange, has announced that its license has been suspended by the Virtual Asset Regulatory Authority (VARA), the financial regulator of the Dubai International Financial Centre (DIFC). The exchange, which has been operating in the DIFC since 2018, said that the suspension was due to “non-compliance with certain regulatory requirements”. The exchange did not specify what these requirements were, but said that it was working with VARA to resolve the issue as soon as possible. Bitoasis also assured its customers that their funds and data were safe and secure, and that they could still access their accounts and withdraw their funds. The exchange also said that it would continue to operate in other jurisdictions where it has licenses, such as Bahrain and Saudi Arabia. Bitoasis is one of the oldest and largest cryptocurrency exchanges in the Middle East, offering trading services for Bitcoin, Ethereum and other digital assets. The exchange has been seeking to obtain a full license from VARA since 2019, when the regulator launched its regulatory framework for virtual assets. However, the process has been delayed due to various challenges and uncertainties in the crypto space. The suspension of Bitoasis’s license is a setback for the exchange and its customers, as well as for the crypto industry in the region, which has been growing rapidly in recent years. The DIFC is one of the leading financial hubs in the Middle East, attracting many fintech and crypto companies with its favorable regulations and incentives. VARA is one of the first regulators in the world to establish a comprehensive and tailored regime for virtual assets, aiming to foster innovation and protect consumers. However, the regulator also has strict standards and expectations for its licensees, which may pose difficulties for some crypto businesses. Bitoasis said that it remains committed to complying with VARA’s rules and regulations, and hopes to resume its operations in the DIFC soon.

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