Dubai’s VARA Cracks Down on Unlicensed Crypto Firms with Fines and Cease-and-Desist Orders

Dubai's VIRTUAL Assets Regulatory Authority (VARA) has imposed financial penalties and issued cease-and-desist orders to 19 unlicensed crypto firms operating outside the official regulatory framework. Fines range from AED 100,000 to AED 600,000, scaled according to the severity and scope of violations.

The regulator's enforcement actions follow thorough investigations into unauthorized virtual asset services and marketing practices. VARA emphasized that unlicensed activity undermines market integrity and investor protection. "Enforcement is critical to maintaining trust in Dubai's Virtual Asset ecosystem," the authority stated.

These measures reinforce VARA's mandate to ensure only compliant firms meeting stringent governance standards operate in Dubai's crypto market. The public warning highlights risks associated with unregulated digital asset dealings as the emirate tightens oversight of its growing virtual assets sector.