19 Crypto Firms in Dubai Get Fined for Skipping the License – Guess Who’s Mad Now?

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Dubai’s VARA just had enough of the Wild West crypto nonsense – fines galore for 19 crypto firms operating without a license. Investor safety and market integrity? Yeah, they’re totally about that life. 🙄

So, here’s the tea: Dubai’s Virtual Assets Regulatory Authority (VARA) did not hesitate. They slapped 19 crypto firms with fines for skipping the whole “get a license” part of doing business. Apparently, playing fast and loose in the crypto world isn’t as cool as we thought. 😬 VARA, trying to be the grown-up in the room, said, “Not on our watch.” Their goal? To protect investors and make sure that everyone follows the rules. Shocking, I know. 🙃

VARA Gets Tough, Sends a Message

On October 7, 2025, VARA wasn’t just handing out fines like candy at Halloween. Nope, they were serious. Firms got cease-and-desist orders and fines that ranged from AED 100,000 to AED 600,000. That’s some serious pocket change, folks. The reason for these penalties? Companies were doing stuff that VARA doesn’t approve of, like working outside its regulatory zone and breaking marketing rules. Apparently, if you want to advertise crypto, you should probably get a license first. Just a thought. 🤷‍♀️

Related Reading: Laser Digital Secures Dubai License to Launch Regulated Crypto Derivatives Trading | Live Bitcoin News

But here’s the kicker – VARA’s not just about handing out licenses like it’s a VIP club. They built a strong framework with the Virtual Assets Regulations 2023, which require all crypto activities, from exchanges to asset management, to be licensed. Oh, and don’t forget the strict anti-money laundering (AML) and Counter-Terrorism Financing (CFT) requirements. Compliance is key – or else you might find yourself getting a nice, hefty fine. Oops. 😅

And VARA? They’re still watching. With their Enforcement Division staying on high alert, these proactive investigations are just getting started. Yep, VARA’s not letting anyone slide under the radar. 🔍

The authority made it clear: they’re committed to keeping things trustworthy and stable in the market. If you think you can operate in Dubai without following the rules, VARA’s like, “Nice try.” They’ve got big plans for a digital economy, and you’re either on board or… well, you’re not. 🚫

VARA Gives Morpheus Software a Reality Check

In case you were wondering, VARA’s not afraid to go after companies that don’t play by the book. Take Morpheus Software Technology FZE, for example. They got hit with a fine because their AML systems were a joke. This isn’t just about getting a license – it’s about making sure everything inside the company is running smoothly and transparently. VARA’s basically like, “Don’t even think about cutting corners.” 😜

If you think being a Virtual Asset Service Provider (VASP) is just about showing up with your shiny new license, think again. You need solid internal controls, and yeah, you have to tell VARA everything. No secrets. No shady business. 😏

And let’s not forget: non-compliance isn’t just a slap on the wrist. We’re talking fines up to AED 20 million. Yeah, you heard that right. That’s a serious hit to your wallet. And if things get real messy? VARA can shut down your business, restructure it, or revoke your license. Your crypto empire? Gone. 💥

So, if you’re one of those firms testing the limits, you might want to rethink your strategy. Dubai’s crypto market is getting serious – and VARA’s not playing around. Investors can breathe a little easier, knowing the risks are lower in a regulated environment. And hey, Dubai’s proving itself as the place to be for compliant, grown-up crypto business. 🏙️

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2025-10-07 18:30