Overview

• Penalties ranged from AED 100,000 to AED 600,000 ($27,300–$163,000) based on the severity of breaches.
• Cease-and-desist orders compel the firms to stop operating and to end all promotions of unapproved services in or from Dubai.
• Infractions included offering virtual-asset services without authorization and violating VARA’s tightened marketing rules on approvals and disclaimers.
• Companies named by coverage include UAEC Digital Fintech FZCO, Morpheus Software Technology FZE (FUZE), TON DLT Foundation, GLEEC DMCC, UEEX Technology, LBK Blockchain FZCO, Triple A Technologies, Hatom Labs, Hokk Finance, Mastercoin DMC, and A to Z Globe DMCC.
• The crackdown forms part of a coordinated program with the federal SCA to unify oversight across the UAE, building on earlier actions such as fines against seven firms in October 2024.