ChainCatcher reported that according to CoinDesk, the Dubai Virtual Asset Regulatory Authority (VARA), one of the regulators of the cryptocurrency industry in the United Arab Emirates (UAE), said it had fined seven "entities" for operating without the required licenses and violating marketing regulations.
VARA did not name the entities and said it was investigating them with local authorities. The fines ranged from 50,000 dirhams ($13,600) to 100,000 dirhams per entity. “All relevant entities have been directed to immediately cease all activities and stop any marketing or advertising of virtual asset services,” the statement said. VARA said the move was also a public warning to everyone to avoid dealing with any unlicensed companies.
