The Dubai Virtual Assets Regulatory Authority (VARA) has taken decisive action against seven unlicensed cryptocurrency exchanges. These exchanges were found operating without the necessary licenses, breaching Dubai’s strict regulatory frameworks.
VARA not only issued cease-and-desist orders but also levied fines on the offending entities. This move underscores VARA’s commitment to maintaining a secure and regulated crypto environment.
Moreover, the authority cautioned the public about the inherent risks of engaging with unlicensed crypto operations, spotlighting the potential financial dangers involved in such dealings.
