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Texas and Dubai regulators have taken significant actions against unlicensed and allegedly fraudulent crypto operations. In Texas, a cease-and-desist order was issued against two individuals accused of promoting a high-return crypto scheme, which regulators claim was deceptive. Meanwhile, Dubai's Virtual Assets Regulatory Authority (VARA) has ordered seven unlicensed crypto exchanges to cease operations. These firms face potential fines ranging from AED 50,000 to AED 100,000 if they fail to comply. Additionally, the Fairdesk crypto exchange announced its shutdown over regulatory concerns. The actions by both Texas and Dubai authorities underscore a growing crackdown on illegal and unregulated activities in the cryptocurrency sector.
DUBAI TARGETS UNLICENSED CRYPTO FIRMS Dubai's making waves in the crypto scene as the Virtual Assets Regulatory Authority (VARA) just issued cease-and-desist orders to seven unlicensed firms. If they don’t shape up, they’re facing fines between AED 50,000 and AED 100,000—major… https://t.co/9LkEsiYbqH
DUBAI CRACKS DOWN ON UNLICENSED CRYPTO FIRMS Dubai is taking a firm stand against illegal crypto operations, with the Virtual Assets Regulatory Authority (VARA) recently issuing cease-and-desist orders to seven unlicensed firms. This move aims to strengthen the security of the… https://t.co/liTIvn7V3k
Dubai Regulator Cracks Down on Unlicensed Crypto Exchanges with Cease-and-Desist Order https://t.co/JVLeGKF8iu
