Dubai’s Virtual Assets Regulatory Authority issued fines ranging from $13,600 to $27,200 to seven entities operating without licenses or breaching marketing regulations.
Dubai’s crypto regulator has initiated a crackdown on unregulated crypto companies and firms violating its marketing rules.
On Oct. 9, Dubai’s Virtual Assets Regulatory Authority (VARA) issued fines and cease-and-desist orders to seven businesses for breaching marketing regulations and operating without required licenses.
VARA said it’s conducting further investigations in collaboration with other local authorities. The regulator did not specify which companies have received the sanctions.
