Skip to main content

Dubai Regulator Deems Crypto Exchange Bitoasis’ License ‘Non-Operational’

Cryptocurrency exchange Bitoasis’ license has been deemed “non-operational” by the Dubai digital assets regulator, the Virtual Assets Regulatory Authority. According to the regulator, VARA took the decisive step after Bitoasis failed to meet “mandated conditions within the prescribed timelines.”

VARA-Mandated ‘Remedial Actions’

The Dubai digital assets regulator, the Virtual Assets Regulatory Authority (VARA), announced on July 9 that it had deemed the crypto exchange Bitoasis’ license for both institutional and qualified retail investors “non-operational.” The regulator said the license will remain in this state until Bitoasis fully addresses the regulator’s concerns.

In its latest market notification, VARA explained why it took the decision just a few months after it issued a license to the crypto exchange.

“Bitoasis was issued a conditional MVP Licence [Licence] on 12.April.2023 that would permit market operations upon the entity’s fulfillment of key conditions over 30-60 day timeframes. As a result of Bitoasis not meeting these mandated conditions within the prescribed timelines, VARA has initiated warranted regulatory actions against the entity,” the regulator said.

The regulator also said it will continue to assess “the situation for regulatory compliance” as well as the exchange’s fulfillment of “remedial actions” imposed on it.

Meanwhile, in a statement that sought to allay user fears, Bitoasis said VARA’s decision will not have an impact on its ability to continue providing “broker-dealer services” to existing retail users. The exchange also clarified that it had not commenced providing services because VARA is yet to grant it a license allowing it to commence operations.

What are your thoughts on this story? Let us know what you think in the comments section below.



from Bitcoin News https://ift.tt/r4vdf0N
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more