The Dubai Virtual Assets Regulatory Authority has imposed fines on 7 crypto entities and issued a stop order

2024-10-10 19:49:16

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ChainCatcher news, according to CoinDesk, the Dubai Virtual Assets Regulatory Authority (VARA) is one of the regulatory bodies for the cryptocurrency industry in the United Arab Emirates (UAE). The authority stated that it has fined seven "entities" for operating without the required licenses and violating marketing regulations.

VARA did not disclose the names of these entities and stated that it is investigating them in collaboration with local authorities. The fines for each entity range from 50,000 dirhams (13,600 USD) to 100,000 dirhams. The statement said: "All relevant entities have been instructed to immediately cease all activities and stop any marketing or advertising of virtual asset services." VARA indicated that this move also serves as a public warning to everyone to avoid dealing with any unlicensed companies.

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