Home Industrial Dubai’s Vara Suspends Bitoasis Exchange License

Dubai’s Vara Suspends Bitoasis Exchange License

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Dubais-Vara-Suspends-Bitoasis-Exchange-License-Crypto-Insiders-Hong-Kong-Blockchain-News

Introduction

Dubai’s Vara has suspended the license of the cryptocurrency exchange Bitoasis, citing non-compliance with AML and CFT regulations. Bitoasis has been given two weeks to address the issues before the suspension becomes permanent.

Non-Compliance with AML and CFT Regulations

According to Vara, Bitoasis failed to comply with regulations related to AML and CFT. These regulations are designed to prevent money laundering and the financing of terrorism through the use of cryptocurrencies.

Bitoasis has been asked to address the issues within two weeks and provide regular updates to Vara on its progress. Failure to do so could result in the permanent suspension of the exchange’s license.

Concerns in the Cryptocurrency Community

The suspension of Bitoasis’ license has caused concerns in the cryptocurrency community, as the exchange is one of the most popular in the Middle East. Many users are worried about the safety of their funds during the suspension period.

Bitoasis has assured its users that their funds are safe and that they will be able to access them once the suspension is lifted. The exchange has also stated that it is working to address the issues raised by Vara and will provide regular updates on its progress.

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Conclusion

Dubai’s Vara has suspended the license of the cryptocurrency exchange Bitoasis, citing non-compliance with AML and CFT regulations. Bitoasis has been given two weeks to address the issues before the suspension becomes permanent. The suspension has caused concerns in the cryptocurrency community, but Bitoasis has assured its users that their funds are safe and that they will be able to access them once the suspension is lifted.

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