In a welcome development for cryptocurrency enthusiasts in the MENA region, BitOasis has announced the resumption of services for new retail and corporate customers, effective April 12, 2024. This follows a period of regulatory scrutiny addressed in collaboration with Dubai’s Virtual Assets Regulatory Authority (VARA).

Established Player with a Commitment to Compliance

Founded in 2016, BitOasis has consistently prioritized regulatory compliance, offering a safe and secure platform for buying, selling, and holding cryptocurrencies across the Middle East and North Africa. However, their commitment to compliance was tested in July 2023.

VARA’s Market Alert and Subsequent Actions

On July 11, 2023, VARA issued a market alert regarding BitOasis, highlighting their failure to meet specific licensing conditions within the allotted timeframe. This resulted in the suspension of BitOasis’s MVP Operational License, demonstrating VARA’s dedication to investor protection and industry-wide compliance.

Collaboration Leads to Reopening

BitOasis responded promptly, working closely with VARA to address the identified shortcomings. This dedication to meeting regulatory requirements is evident in their successful license approval and platform reopening.

Strategic Investment Bolsters Compliance Efforts

A significant factor in BitOasis’s swift compliance journey was a strategic investment secured on August 25, 2023. CoinDCX, India’s leading Virtual Asset Service Provider (VASP), provided BitOasis with the capital needed to prioritize regulatory compliance.

A Safe and Secure Future for MENA Crypto

With BitOasis’s resumption of operations, cryptocurrency investors and users in the MENA region can once again enjoy a safe, secure, and compliant platform for their transactions. The collaboration between BitOasis and CoinDCX, coupled with BitOasis’s unwavering commitment to regulations, paves the way for a trusted and well-regulated virtual asset ecosystem.