Dubai's Virtual Assets Regulatory Authority (VARA) has issued fines and cease-and-desist orders to seven cryptocurrency companies.

- The companies have been fined for operating without licenses and violating marketing regulations.

- The fines range from AED 50,000 to AED 100,000.

- VARA is not disclosing the names of the companies and is investigating with local authorities.

- All companies have been ordered to immediately cease operations and advertising of virtual asset services.

- Dubai is aiming to become a global crypto hub, having recently issued licenses to Binance, OKX, and Crypto.com.