Dubai Cracks Down on Crypto Firms: 19 Entities Face Penalties for Breaches

Dubai’s regulatory authority, VARA, has launched a significant crackdown on crypto firms operating within the city-state, imposing substantial fines and halting all virtual asset services. The enforcement action follows months of investigations into promotional activities that violated operational guidelines set by VARA. 19 companies were named in this wave of penalties, each ordered to immediately cease any involvement with crypto-related ventures. Fines reportedly range from AED 100,000 to AED 600,000.