Dubai’s digital assets regulator suspended BitOasis’ conditional license and initiated enforcement action just three months after issuing one, saying the cryptocurrency exchange had failed to meet certain conditions.

“BitOasis is under review for not meeting mandated conditions, required to be satisfied within 30-60 day timeframes prior to being permitted to undertake any VARA regulated market activity … ,” the Virtual Assets Regulatory Authority said in a notice on Monday.

BitOasis, which received the license in April, said it is working closely with VARA to fulfil the conditions and that the license specifically covers institutional and qualified investors, to whom it had not yet provided services.

“This does not impact our ability to continue to provide broker dealer services to our existing retail users, although we undertake to not onboard any new clients until we have fully complied with VARA requirements,” it said in a blog post.

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