Dubai Reprimands Middle East Crypto Exchange BitOasis
- Middle East-focused exchange has offices in Dubai, Abu Dhabi
- Exchange secured “minimum viable” license from Dubai in April
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Dubai is reprimanding BitOasis, one of the largest crypto platforms focused on customers in the Middle East, for failing to meet mandated conditions set forth by the local regulator.
The emirate, which pitches itself as a global crypto hub, has been tightening scrutiny of license seekers since last year’s bankruptcy of FTX. Dubai’s Virtual Assets Regulatory Authority issued an alert on Monday, saying it initiated an enforcement action against BitOasis.