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Dubai VARA fines 19 crypto firms for unlicensed operations
The Dubai Virtual Assets Regulatory Authority (VARA) has intensified its oversight of the emirate’s digital asset ecosystem, imposing sanctions on 19 crypto firms for operating without a license and violating VARA’s marketing rules.
The penalties include cease-and-desist orders and fines ranging from AED 100,000 to AED 600,000 ($27,300–$163,000), depending on the severity and scope of each violation.
VARA stated that its supervision division continues to actively identify and investigate unlicensed activities, taking appropriate enforcement measures where necessary.
All sanctioned firms were ordered to immediately cease operations and refrain from promoting unlicensed virtual asset services in or outside Dubai.
According to Cryptonews.com, the action follows a similar enforcement campaign in October 2024, when seven unlicensed crypto companies were fined between AED 50,000 ($13,612) and AED 100,000 ($27,225), depending on the nature and seriousness of their violations.
Growing inflow of crypto assets requires tighter oversight
In 2024, VARA strengthened its crypto marketing requirements, mandating disclaimers in all advertising materials and requiring prior approval to market or sell crypto products to UAE citizens and residents.
The updated rules regulate multiple aspects of marketing communications, including language clarity, disclosure standards, and the prevention of misleading information — with penalties reaching up to AED 10 million ($2.7 million) for violations.
While VARA did not disclose the sanctioned firms, it noted that compliant platforms such as Crypto.com, Bybit, Deribit, and HashKey Group have obtained preliminary VARA approvals, allowing them to provide exchange and brokerage services to retail and institutional clients in Dubai.
“Enforcement is a key element in maintaining trust and stability in Dubai’s virtual asset ecosystem,” the regulator said. “These actions reaffirm VARA’s mandate to ensure that only companies meeting the highest compliance and governance standards are permitted to operate.”
These developments come as the UAE continues to position itself as a leading regional hub for blockchain innovation and crypto finance.
A recent Chainalysis report ranked the UAE first among countries with the highest crypto activity in 2025, reporting a 210% surge in adoption. The UAE also ranks as the third-largest crypto economy in the MENA region, receiving over $30 billion in crypto inflows from July 2023 to June 2024.
As we wrote, VARA updates marketing regulations for Virtual Asset Service Providers in Dubai
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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