Dubai‘s crypto regulator imposed financial penalties and issued cease-and-desist orders to 19 firms found offering crypto services outside the official regulatory framework. Following thorough investigations, VARA identified multiple entities violating licensing requirements and marketing regulations in the virtual asset sector. The regulator enacted fines ranging from AED 100,000 to AED 600,000, scaling penalties according to severity and scope of offenses. Beyond financial sanctions, these companies received orders to immediately halt their unlicensed operations and desist from promoting unauthorized services ... (full story)