Dubai’s virtual asset regulator has issued cease-and-desist orders and fined seven unidentified cryptocurrency companies. 🌐

- VARA said the companies were operating without the necessary licenses and had violated marketing regulations.

- Fines range from Dh50,000 ($13,600) to Dh100,000.

- The names of the companies were not disclosed and an investigation is ongoing with local authorities.

- Dubai is moving towards becoming a crypto hub by issuing licenses to exchanges such as Binance, OKX and Crypto.com.

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