Dubai’s digital asset regulator, which regulates the exchange of cryptocurrency, has suspended BitOasis conditional license just three months after it was issued. The regulator said that BitOasis had not met certain conditions.

The Virtual Assets Regulatory Authority announced in a Notice that BitOasis was being reviewed for failing to meet the mandated conditions. These were required to be met within 30-60 days timeframes before BitOasis could engage in any VARA regulated markets activity.

BitOasis received its license in April and said that it was working closely with VARA on fulfilling the conditions. The license covers specifically institutional and qualified investors to whom BitOasis had not provided services yet.

In a post, it stated that “this does not affect our ability to provide broker-dealer services to our current retail users. However, we undertake not to onboard any new client until we have fully comply with VARA requirements.”

Read more: Dubai launches a crypto regulatory arm to become a global financial power

Sheldon Reback is the editor.