The Dubai Virtual Assets Regulatory Authority (VARA) has taken enforcement action against 19 unlicensed crypto companies for violating its marketing and operational regulations.
The authority imposed fines ranging from $27,000 to $163,000, based on the seriousness of each case.
According to VARA, these firms were conducting virtual asset business activities without proper authorization and promoting unlicensed services in or from Dubai.
The companies have been ordered to immediately cease operations and advertising. The regulator’s Enforcement Division said the crackdown seeks to protect investors, maintain market integrity, and uphold Dubai’s reputation as a transparent and compliant financial hub.
VARA also issued a public warning, urging users not to engage with unlicensed platforms due to potential financial and legal risks.
This marks one of VARA’s most significant enforcement rounds yet, reflecting Dubai’s growing focus on regulated crypto market development amid rapid global expansion.
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