{"id":143936,"date":"2024-12-04T18:00:24","date_gmt":"2024-12-04T16:00:24","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=143936"},"modified":"2024-12-04T14:51:53","modified_gmt":"2024-12-04T12:51:53","slug":"dubai-regulator-issues-warnings-for-seven-unlicensed-crypto-entities","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/dubai-regulator-issues-warnings-for-seven-unlicensed-crypto-entities\/","title":{"rendered":"Dubai Regulator Issues Warnings for Seven Unlicensed Crypto Entities"},"content":{"rendered":"<p>The list includes Koto Crypto, Finchain, Crypto Force, Coin Cashy, BTC Bay, XT.com, and Stabit, all of which are operating outside of VARA\u2019s regulations.<\/p>\n<p>Koto Crypto, which is based in the Dubai Multi Commodities Center (DMCC), has been active since 2023 as an OTC crypto provider but lacks the proper licensing. According to VARA, any transactions carried out through this platform are not in compliance with local regulations, exposing users to potential financial risks and legal consequences. Similarly, Finchain, another firm registered in DMCC, has also been flagged for operating without proper regulatory approval, with its website currently down for maintenance.<\/p>\n<p>Other entities under scrutiny include Crypto Force, Coin Cashy, and BTC Bay, whose website has gone offline. Stabit, linked to Genesis Digital Assets Commercial Brokers, is also under investigation for providing unregulated crypto trading services. Additionally, XT.com, a platform with a significant online following, was recently targeted in a $1.7 million hack, which led to the suspension of its withdrawals. The platform initially described the event as a \u201cwallet upgrade,\u201d but it was later acknowledged as a hack.<\/p>\n<p><div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1\">Read More:<\/h5>\n    <a class=\"article row post-143894\" href=\"https:\/\/cryptodnes.bg\/en\/top-10-ai-altcoins-leading-developer-interest\/\" title=\"Top 4 AI Altcoins Leading Developer Interest\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2023\/01\/desarrollador-1288x724-1-240x170.jpeg\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">Top 4 AI Altcoins Leading Developer Interest<\/h4>\n        <\/div>\n    <\/a>\n<\/div>\n<\/p>\n<p>VARA has issued an urgent advisory for users to avoid these unlicensed platforms. It emphasized that any promotional activities or services offered by these entities are prohibited in Dubai. The regulator further cautioned that users could face access restrictions to these sites without prior notice and urged them to take immediate steps to safeguard their assets.<\/p>\n<p>These alerts follow a series of enforcement actions by VARA, including cease-and-desist orders and fines for entities that violated marketing and licensing regulations. The regulatory body has stated that continued non-compliance by year-end will result in additional penalties.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dubai&#8217;s Virtual Assets Regulatory Authority (VARA) has issued warnings for seven cryptocurrency entities that falsely claim to be registered and licensed within the city.<\/p>\n","protected":false},"author":9,"featured_media":23752,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[25],"tags":[424],"coin_category":[],"class_list":["post-143936","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulations","tag-crypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Dubai Regulator Issues Warnings for Seven Unlicensed Crypto 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