Dubai Regulator VARA Sanctions 19 Crypto Firms Operating Without Licenses – Fines Up to $163K Each

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0;switch(e){case"expanded_panel":o='{promoMarkup}{notifMarkup}',r=n._store.getNotifications(),a=n._generatePanelMarkup(o,r),i.innerHTML=a;break;case"error_panel":a=(o='{errorMsg}').replace("{errorMsg}",n._config.panel.errorMsg),i.innerHTML=a}t&&t()}else t&&t(new Error("No panel parent"))}},{key:"createPanelParentNode",value:function(e){e&&(e.innerHTML='',this._panelNode=document.getElementById(P))}},{key:"updateBadgeNode",value:function(e){if(e){var t=this._store.getNotifications().newCount,n=this._config.badge.maxCount;if(t){var o=t>n?n+"+":t;e.innerHTML=o}else e.innerHTML=""}}},{key:"addStyles",value:function(e){if(e&&"undefined"!=typeof window){var t=document.getElementById(this._config.panel.styleTagId);t||((t=document.createElement("style")).type="text/css",t.id=this._config.panel.styleTagId,t.innerText=e,document.head.appendChild(t))}}}]),e}(),j=function(){function e(t,n,o){E(this,e);var i=this;i._store=n,i._view=o,i._config=t;var a=i._config.panel;i._panelParentNode=document.querySelector(a.parentSelector),i._badgeNode=i._config.badge.selector&&document.querySelector(i._config.badge.selector),i._indicatorNode=a.indicatorSelector&&document.querySelector(a.indicatorSelector)}return k(e,[{key:"createPanelParentNode",value:function(){this._view.createPanelParentNode(this._panelParentNode),this._notifPanelNode=document.getElementById(P)}},{key:"refreshPanelNode",value:function(e,t){var n=this;x(n._notifPanelNode,D),n._store.fetchNotifications(e,(function(e,o){var i=window.wafer&&window.wafer.base;i&&i.destroy(n._notifPanelNode),e?n._notifPanelNode.innerHTML||(n._view.render("error_panel"),x(n._notifPanelNode,D)):(n._view.render("expanded_panel"),n._view.updateBadgeNode(n._badgeNode),n._showBadge(),n._showIndicator(),n._view.addStyles(o.css)),N(n._notifPanelNode,D),i&&i.sync(n._notifPanelNode.parentNode),t&&t(e,o)}))}},{key:"resetBadge",value:function(){var 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n=e.getConfig();"smartphone"===n.device&&("finance"===n.property&&"crunch"===n.ytheme&&e.addElementListener(t.searchInput,"click",(function(){var n,o;n="search_input_focus_click",null!==(o=re())&&(oe[n]||(oe[n]=o)),e.addElementListener(t.searchForm,"click",(function(){if(t.ybar){if(t.ybar.classList.contains("ybar-searchbox-assist-fullscreen"))return;t.ybar.classList.add("ybar-searchbox-assist-fullscreen"),t.ybar.classList.add("ybar-searchbox-assist-fadein")}if(!document.documentElement.classList.contains("ybar-overlay")){document.documentElement.classList.toggle("ybar-overlay"),document.body.classList.add("ybar-overlay-noscroll");te("ybar","websrch","",{elm:"expand",subsec:"searchbox",itc:"1"})}}))})),e.addElementListener(t.searchBoxPlaceholder,"click",(function(){zt(e,t)})),e.addElementListener(t.searchBoxPlaceholder,"keydown",(function(n){var 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RegExp("[?&]notifications=1(&|#|$)");"desktop"===y&&i&&b.test(window.location.search)&&(i.checked=!0)};ge("ybar-mod-notification",(function(e){var t={isUH3:"crunch"===e.getConfig().ytheme,notifContainer:document.getElementById("notification-container"),notifBadge:document.getElementById("notif-badge"),notifMenu:document.getElementById("ybarNotificationMenu"),notifMenuOpener:document.querySelector("#ybarNotificationMenu + label"),notifDropdown:document.getElementById("notifDropdownContainer"),tooltipContainer:document.querySelector(".".concat($n)),notifLabel:document.querySelector(".".concat(Xn))};t.notifDropdown&&so(e,t)}))}()}};]]>Anas HassanTue, October 7, 2025 at 4:48 PM GMT+2 3 min readThe Dubai Virtual Assets Regulatory Authority (VARA) has sanctioned 19 crypto firms for operating unlicensed Virtual Asset operations and violating VARA’s Marketing Regulations.The penalties included cease-and-desist orders alongside fines between AED 100,000 ($27,300) and AED 600,000 ($163,000), adjusted according to the severity and extent of each violation.A Tuesday official statement confirmed the sanctions serve as a public warning to consumers, investors, and institutions that involvement with unlicensed operators presents substantial financial, legal, and reputational risks.Source: Vara.ae“Enforcement is a critical component of maintaining trust and stability in Dubai’s Virtual Asset ecosystem.”VARA Tightened Marketing Rules And Licensing RequirementsThese measures support VARA’s mandate to ensure only firms meeting the highest compliance and governance standards can operate.All penalized companies have been ordered to stop operations immediately and halt any promotion of unlicensed Virtual Asset services in or from Dubai.This action follows similar enforcement in October 2024, when the regulator fined seven unlicensed crypto companies.In that earlier round, fines ranged from AED 50,000 ($13,612) to AED 100,000 ($27,225), based on the nature and severity of violations.In 2024, VARA strengthened its crypto marketing requirements, mandating disclaimers on promotional materials.The regulator also required prior authorization before marketing products and services to citizens and residents.Updated regulations aim to prevent the dissemination of misleading information and prioritize consumer protection.The regulations address various aspects of marketing communications, including the proper use of language and the importance of providing full and clear disclosures.The objective is to ensure consumers understand the risks and opportunities associated with virtual assets.Marketing regulation violations can result in fines up to AED 10,000,000 ($2.7 million).Beyond marketing, entities providing virtual asset services in or from Dubai must secure a VARA license.This applies to activities like Virtual Asset Issuance, Trading Platforms, and Custody Services. The process begins with applying for Initial Approval to establish operations, then progressing to a full VASP (Virtual Asset Service Provider) license.Cryptocurrency platforms, including Crypto.com, Bybit, Deribit, and HashKey Group, have complied with these requirements by obtaining provisional approval from VARA, enabling them to offer virtual asset exchange services to retail, institutional, and qualified investors in Dubai.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,797.25 -4.00 (-0.06%)Dow Futures46,863.00 -4.00 (-0.01%)Nasdaq Futures25,326.00 -5.00 (-0.02%)Russell 2000 Futures2,497.90 -1.60 (-0.06%)VIX16.30 -0.94 (-5.45%)Gold4,033.80 -36.70 (-0.90%)PortfolioSign in to access your portfolioSign inTop gainersDGNX Diginex Limited 30.99 +6.79 (+28.06%)NTLA Intellia Therapeutics, Inc. 24.47 +4.03 (+19.72%)APGE Apogee Therapeutics, Inc. 47.24 +7.51 (+18.90%)FIG Figma, Inc. 71.08 +10.24 (+16.83%)RXRX Recursion Pharmaceuticals, Inc. 6.09 +0.86 (+16.44%)Top losersFICO Fair Isaac Corporation 1,695.01 -184.54 (-9.82%)OPEN Opendoor Technologies Inc. 8.49 -0.80 (-8.61%)JOBY Joby Aviation, Inc. 17.37 -1.54 (-8.14%)JEF Jefferies Financial Group Inc. 54.44 -4.66 (-7.88%)AAP Advance Auto Parts, Inc. 52.59 -4.25 (-7.48%)Most activeOPEN Opendoor Technologies Inc. 8.49 -0.80 (-8.61%)BULL Webull Corporation 12.66 -0.14 (-1.09%)RGTI Rigetti Computing, Inc. 43.23 -0.67 (-1.51%)AMD Advanced Micro Devices, Inc. 235.56 +24.05 (+11.37%)PLUG Plug Power Inc. 3.6550 -0.2150 (-5.56%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersAMD Advanced Micro Devices, Inc. 235.56 +24.05 (+11.37%)COST Costco Wholesale Corporation 914.80 0.00 (0.00%)CIFR Cipher Mining Inc. 17.60 +1.85 (+11.75%)PATH UiPath Inc. 15.58 +0.76 (+5.13%)TEM Tempus AI, Inc. 103.25 +10.24 (+11.01%)Top economic events