Dubai's VARA Cracks Down on Unlicensed Crypto Operators, Issues Fines Up to AED 600,000
Dubai's Virtual Assets Regulatory Authority (VARA) has taken strong action against unlicensed crypto operators in the emirates. It issued cease-and-desist orders and fined 19 firms for operating without licenses and violating marketing rules, marking the city's most significant enforcement action in the crypto sector to date.
VARA fined the companies, whose names were not disclosed, between AED 100,000 and AED 600,000 ($27,000 to $163,000) depending on the severity of their immigration offenses. The penalties are part of VARA's efforts to protect consumers and investors from unlicensed crypto operators. The authority has warned about the risks of engaging with such firms.
VARA's enforcement division is actively identifying and investigating unlicensed crypto activity in the emirates. Only VARA-licensed entities are authorized to provide virtual asset services in or from Dubai. This move comes as Dubai positions itself as a major crypto hub, attracting major exchanges like Binance, Crypto.com, and OKX.
VARA's enforcement actions send a clear message to unlicensed crypto operators in Dubai. The fines and cease-and-desist orders aim to maintain the integrity of the crypto market and protect consumers. More actions are expected in the future, as VARA continues to monitor and regulate the crypto sector.
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