In a blog post, BitOasis acknowledged that while it has resumed its acceptance of new clients onto the platform as a crypto broker operating under Dubai’s virtual asset regulatory authority (VARA), it is working “towards securing a full virtual asset service provider license under the supervision of VARA”.
In the blog post, BitOasis announced that the crypto broker would resume accepting new registrations retail and institutional customers starting 12 April 2024. New users would be able to create accounts on the platform and enjoy a safe, secure and convenient way to buy, sell and trade over 60 tokens with multiple currencies, including AED, SAR, and USD.
The blog post adds,” The reopening of our platform to new retail and institutional customers is a testament to our continued dedication to serving our users in full compliance with the applicable regulatory requirements.”
BitOasis had been working since July 2023 to fulfill select conditions associated with its Operational MVP License with respect to serving Institutional and Qualified Retail Investors.
In August 2023, BitOais received an investment from Indian crypto exchange CoinDCX. At the time, Ola Doudin, Co-Founder and CEO of BitOasis said: “We are delighted to be working with CoinDCX, India’s leading crypto platform. The investment will allow us to sharpen our focus on perfecting our existing products and expanding across our markets. We are very excited about the opportunities the funding will unlock for us.”
With VARA granting renewed active operational status to BitOasis, as well as the license to crypto.com, the UAE crypto exchange regulatory landscape is now one of the most competitive in the world.
Kindly note that this article has been updated on April 14th 2024 based on VARA’s website page which noted that BitOasis hasnt received a VASP license but has now become actively operational once again.
