Golden Finance reported that the Dubai Virtual Asset Regulatory Authority (VARA), one of the regulators of the cryptocurrency industry in the United Arab Emirates, said it had fined seven cryptocurrency entities for operating without the required licenses and violating marketing regulations. VARA did not disclose the names of these entities and said it was investigating them with the local government. The fines for each entity ranged from 50,000 dirhams (about $13,600) to 100,000 dirhams.