#Dubai Authority Fines 19 #Crypto Firms in Licensing Crackdown


Dubai's Virtual Assets Regulatory Authority issued financial penalties and cease-and-desist orders against 19 companies operating without proper licenses on Tuesday. The enforcement action represents VARA's ongoing commitment to safeguarding the emirate's rapidly expanding digital asset ecosystem while maintaining investor protection standards.


Penalties ranged from $27,000 to $163,000 depending on the severity and scope of each violation. Companies were sanctioned for offering #cryptocurrency services without approval and for breaching VARA's marketing regulations established in 2024. All penalized entities received directives to immediately halt operations and stop promoting unlicensed services in or from Dubai.


The list of sanctioned firms includes UAEC Digital Fintech FZCO, Morpheus Software Technology FZE operating as FUZE, TON DLT Foundation, GLEEC DMCC, UEEX Technology and LBK Blockchain FZCO. Additional companies facing penalties include Triple A Technologies, Hatom Labs, Hokk Finance, Mastercoin DMC, and A to Z Globe DMCC, among others. VARA stated these firms breached regulatory obligations by failing to obtain required licenses.

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October 07, 2025 at 10:31 PM
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