Dubai issues warning against these 7 crypto entities

Dubai has issued a warning about seven unlicensed cryptocurrency entities, demanding that they cease operations immediately. The Dubai Virtual Assets Regulatory Authority (VARA) found that these entities had violated regulations by operating without a license, and has imposed administrative fines ranging from $13,600 to $27,000 for each organization. These entities include Koto Crypto, Finchain, Crypto Force, Coin Cashy, BTC Bay, XT.com, and Stabit. VARA warns the public about the financial risks and potential reputational damage associated with trading with unlicensed organizations.

In a previous warning in October, VARA recommended that the public avoid trading with these entities, emphasizing the need to protect investors in the cryptocurrency sector. The authority is committed to continuing its oversight and implementing robust measures to ensure a safe and legal environment for cryptocurrency activities in Dubai.