Dubai Virtual Assets Regulatory Authority Takes Action Against Crypto Exchange

On August 16, the Dubai Virtual Assets Regulatory Authority (VARA) in The United Arab Emirates stepped up its moves against Open Technology Markets Ltd. (OPNX), a crypto exchange.

Previous Notices and Fines

This follows previous notices in April 2023 regarding the functioning of the stock exchange. organizer also Fined the stock exchange and its executive directors.

On May 2, OPNX was fined $2.7 million for Violation of the Virtual Asset Regulations and related activities in Dubai that revolve around marketing and promotion. The exchange has not yet been paid penalty.

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All penalties are reviewed by the Regulatory Authority\’s Grievance Committee. in compliance with the law. Committee approval of enforcement actions against OPNX justifies the fines imposed.

Since OPNX has not yet been paid, VARA is actively considering further steps to ensure compliance. These may include more Fines, penalties and even engagement with Law enforcement or legal means, if necessary.

Dubai’s Growing Crypto Exchange Presence

Several exchanges, including Kraken, Binance, and Bybit, have opened offices in Dubai in Last few years. This trend is likely to continue as Dubai cements its position as a hub leading technology center.

In May 2023, VARA warned Bybit, telling the cryptocurrency exchange that it must comply with UAE law in case of issuing a license.

In March, the Dubai Financial Services Authority (DFSA) issued a statement calling for Greater cooperation between the organizers in the fight against encryption tricks.