Compliance Radar
Who was sanctioned, and for what?
Fines, court rulings and incidents from Europe, North America, Latin America, Asia-Pacific, Middle East and Africa: 2,207 cases from 44 jurisdictions, each with an official source and checked against that source before publication. Filter by country, area of law and sector. Click a chart to drill down one level.
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Where?
by authority- Financial Services Regulatory Authority (ADGM) €8.46m 57 % · 5 cases
- Dubai Financial Services Authority (DFSA) €2.58m 17 % · 6 cases
- Virtual Assets Regulatory Authority (VARA), Dubai €2.48m 17 % · 4 cases
- Central Bank of the UAE (CBUAE) €1.22m 8 % · 4 cases
What for?
by topicWho?
by sectorAll sectors
When?
per year, by date of decision| Period | Cases | Total |
|---|---|---|
| 2022 | 1 | €2.4m |
| 2023 | 5 | €4.08m |
| 2024 | 6 | €1.51m |
| 2025 | 3 | €5.95m |
| 2026 | 4 | €810,115 |
19 cases
17 Jun 2026 Peken Global Limited (KuCoin)VARA: fine and cease-and-desist order against unlicensed Peken Global (KuCoin) Fine
Following VARA investigations, Peken Global Limited, trading as KuCoin, provided virtual asset broker-dealer and/or exchange services to customers in Dubai without a licence. VARA imposed fines of an undisclosed amount and ordered the immediate cessation of all unlicensed activities; other group entities were expressly not affected.
Anyone providing crypto services cross-border to customers in Dubai needs a licence there – regardless of where the platform is based.
Licensing requirement for crypto services in the target market
- Authority / court
- Virtual Assets Regulatory Authority (VARA), Dubai
- Area of law
- Capital markets and financial supervision
- Legal basis
- Federal Decree Law No. (10) of 2025 (AML/CFT/PF); Dubai Law No. (4) of 2022 Regulating Virtual Assets; Cabinet Resolution No. 111/2022; VARA Regulations und Rulebooks
- Action
- Fine
- Status of proceedings
- unknown
- Sector
- Financial services and insurance
- Mitigating circumstances
- Full cooperation and full compliance with the measures; intention to go through the licensing process.
- Published
- 24 Jun 2026
- VARA: VARA Notice of Fines – Peken Global Limited ('Kucoin') (Enforcement Notice, 24.06.2026) Press release of an authority
- VARA: Enforcement Notice of Fines – Peken Global Limited (PDF, verlinkt von vara.ae) Decision of an authority
- VARA: Enforcement Actions – Liste der Geldbußen (Eintrag Peken Global Limited (Kucoin), 2026/06/17) Enforcement database of an authority
Checked against the official source on 3 Oct 2026 · Direct link
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2 Feb 2026 Ark Capital Management (Dubai) LimitedDFSA: allegedly USD 504,000 on Ark Capital Management over market abuse controls €425,676
The investment firm did not review alerts from its surveillance system adequately or promptly, so at least ten suspicious trading instances were not reported or reported late; it also failed to notify an agreed, potentially staged change in control. After a 30% settlement discount the DFSA allegedly imposed USD 504,000 (otherwise USD 720,000).
A surveillance system only helps if its alerts are reviewed promptly – and a staged acquisition of shares must still be notified.
Consistently working through trade surveillance alerts
- Authority / court
- Dubai Financial Services Authority (DFSA)
- Area of law
- Capital markets and financial supervision · Market abuse and insider dealing
- Legal basis
- Art. 90(2) Regulatory Law 2004 (DIFC); GEN Rules 11.10.12A, 5.3.20(a), 11.8.11(2), 4.2.3, 4.2.10 DFSA Rulebook
- Action
- Fine
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Mitigating circumstances
- Settlement (30% discount); USD 720,000 without settlement.
- Published
- 6 Feb 2026
Original amount 504,000 USD, converted at the ECB reference rate of 2 Feb 2026.
- DFSA: Decision Notice an Ark Capital Management (Dubai) Limited vom 02.02.2026 (PDF, Dateispeicher der DFSA-Website) Decision of an authority
- DFSA: The DFSA fines Ark Capital Management (Dubai) Limited USD 504,000 for market abuse systems and change of control reporting failings (Media Release, 06.02.2026, DFSA Rulebook) Press release of an authority
Checked against the official source on 3 Oct 2026 · Direct link
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2 Feb 2026 Ed Broking (MENA) LimitedDFSA: USD 455,176 on reinsurance broker Ed Broking (MENA) for deceptive conduct €384,439
The reinsurance broker gave cedent insurers and reinsurers different premiums for the same placement, misled reinsurers about deductions and brokerage, and misled a client about the brokerage earned on 121 placements, partly using altered documents. In a settlement the DFSA allegedly imposed USD 455,176: USD 175,343 disgorgement (including interest) and a USD 279,833 penalty (USD 575,104 without settlement). The amount and the facts have not been confirmed against the primary source.
Undisclosed brokerage and inconsistent premium figures given to the contracting parties amount to deception – an early self-report reduces the consequences.
Transparency on brokerage and premiums in insurance distribution
- Authority / court
- Dubai Financial Services Authority (DFSA)
- Area of law
- Capital markets and financial supervision
- Action
- Fine
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Mitigating circumstances
- Self-report to the DFSA, internal investigation and restitution to clients; settlement (reduction from USD 575,104).
- Published
- 2 Feb 2026
Original amount 455,176 USD, converted at the ECB reference rate of 2 Feb 2026.
Checked against the official source on 3 Oct 2026 · Direct link
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8 Jan 2026 Wealthface LimitedADGM: Wealthface gives enforceable undertaking after capital and reporting breaches Other
The FSRA (Financial Services Regulatory Authority, the financial regulator of Abu Dhabi Global Market, ADGM) accepted an enforceable undertaking from the wealth manager and robo-adviser after its investigation found that between January 2023 and March 2025 the firm held insufficient liquid assets for most of the period and insufficient capital resources at the end of 2023 and 2024, calculated its capital requirement for three quarters of 2024 on an understated expenditure figure, did not prepare its 2023 financial statements under IFRS and filed them late, had no office in ADGM since the end of 2023 and paid supervision fees late. The firm admitted the alleged contraventions and undertook, among other things, to appoint an independent director within 60 days, to close any capital shortfall, to re-establish its head office and registered office in ADGM and to report monthly on its capital and liquid assets for one year. The undertaking contains no financial penalty.
Capital and liquidity requirements must be calculated continuously and on correct input figures, not only at the reporting date.
Ongoing monitoring of capital and liquidity
- Authority / court
- Financial Services Regulatory Authority (ADGM)
- Area of law
- Capital markets and financial supervision · Organisational requirements
- Legal basis
- Section 235 FSMR 2015; PRU Rules 3.2.4(a), 3.7.2, 3.7.4(1); GEN Rules 4.5.1(1), 6.2.2, 6.6.2; FEES Rule 1.2.2
- Action
- Other
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Mitigating circumstances
- Cooperation with the investigation; some of the contraventions (capital calculation and resources, IFRS accounts, office in ADGM) were already being remediated.
- Enforceable Undertaking der Wealthface Limited gegenüber der FSRA, angenommen am 8. Januar 2026 Decision of an authority
- ADGM FSRA Regulatory Actions and Sanctions (Durchsetzungsliste) Enforcement database of an authority
Checked against the official source on 3 Oct 2026 · Direct link
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24 Jul 2025 The Open Network FoundationVARA: fine and cease-and-desist order against The Open Network Foundation (marketing) Fine
According to VARA's enforcement list, The Open Network Foundation breached the VARA Marketing Regulations. The list records a cease-and-desist order, a fine of an undisclosed amount and a public statement as the measures taken.
Foundations in the crypto sector are also subject to Dubai's marketing rules for virtual assets when they promote their offering there.
Rules for marketing virtual assets
- Authority / court
- Virtual Assets Regulatory Authority (VARA), Dubai
- Area of law
- Capital markets and financial supervision
- Legal basis
- VARA Marketing Regulations
- Action
- Fine
- Status of proceedings
- unknown
- Sector
- Telecoms, IT and software
- VARA: Enforcement Actions – Liste der Geldbußen (Eintrag The Open Network Foundation, 2025/07/24) Enforcement database of an authority
Checked against the official source on 3 Oct 2026 · Direct link
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3 Apr 2025 AC Holding Limited (Cayman Islands, Hayvn-Muttergesellschaft)ADGM: 3.6m USD fine for Hayvn parent over payments routed through unregulated accounts €3.24m
The FSRA (Financial Services Regulatory Authority, the financial regulator of Abu Dhabi Global Market, ADGM) fined the Cayman Islands parent company of the Hayvn group 3,600,000 USD for being knowingly concerned in unauthorised regulated activities of an unregulated ADGM special purpose vehicle and in breaches of permission by its ADGM subsidiary. Around 3,023 transactions for 241 group clients ran through the bank accounts of that vehicle, with deposits of about 507 million USD and payments of about 558 million USD, although the vehicle held no permission and was not subject to the ADGM anti-money laundering rules. The regulator increased the fine by 20%, partly because the parent did not fully disclose its use of the accounts to the regulator and withheld half of the fees owed to the appointed skilled persons.
A parent company is also liable when it knowingly routes client business through unregulated entities in a financial centre.
Licensing within a group: no processing through unregulated entities
- Authority / court
- Financial Services Regulatory Authority (ADGM)
- Area of law
- Capital markets and financial supervision
- Legal basis
- Sections 16, 17 und 20 i. V. m. Section 220 sowie Section 232 FSMR 2015
- Action
- Fine
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Mitigating circumstances
- Cooperation by the parent company and its audit and risk committee from mid-December 2023; the aggravating factors outweighed this.
- Liability of senior managers
- According to the Final Notice, the use of the accounts was not approved by the board but directed by the then CEO. Measures against individuals are not set out here.
Original amount 3,600,000 USD, converted at the ECB reference rate of 3 Apr 2025.
- FSRA Final Notice an AC Holding Limited (Cayman Islands) vom 3. April 2025 Decision of an authority
- ADGM FSRA Regulatory Actions and Sanctions (Durchsetzungsliste) Enforcement database of an authority
Checked against the official source on 3 Oct 2026 · Direct link
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3 Apr 2025 AC Limited (Hayvn)ADGM: 3m USD fine and permission cancelled for crypto firm AC Limited (Hayvn) €2.7m
The FSRA (Financial Services Regulatory Authority, the financial regulator of Abu Dhabi Global Market, ADGM) fined the provider of virtual asset trading and custody 3,000,000 USD and cancelled its Financial Services Permission. Between December 2021 and May 2024 it had dealt in virtual assets that were not accepted and exceeded its asset cap of 1 million USD, let client money run through accounts of an unregulated ADGM special purpose vehicle and of its parent company without formal agreements, maintained seven initially undisclosed client relationships without proper risk assessment and due diligence, and gave the regulator false and misleading information about bank accounts, clients and assets. The regulator considered the contraventions deliberate or at least reckless and increased the fine by 20% because of the false information.
False information to the regulator aggravates any sanction, and client money belongs in dedicated, protected client accounts.
Candour towards the regulator and protection of client money
- Authority / court
- Financial Services Regulatory Authority (ADGM)
- Area of law
- Capital markets and financial supervision · Organisational requirements
- Legal basis
- Sections 17(1), 33, 214(4), 221 und 232 FSMR 2015; GEN Rules 2.2.1, 2.2.3, 2.2.9, 2.2.10, 2.2.11, 3.2.1, 3.3.1, 3.3.3, 3.3.7, 3.3.34, 8.1.2(6); COBS Rules 2.2.1, 14.2.1, 17.2.1; AML Rules 7.1.1, 7.1.2, 7.1.3, 8.3.1(1), 8.4.1
- Action
- Fine
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Mitigating circumstances
- Cooperation from mid-December 2023 and voluntary cessation of trading from 11 December 2023 under an enforceable undertaking; no previous non-compliance of a similar nature. The aggravating factors outweighed these.
- Liability of senior managers
- Measures against individuals are not set out here.
Original amount 3,000,000 USD, converted at the ECB reference rate of 3 Apr 2025.
- FSRA Final Notice an AC Limited (Hayvn) vom 3. April 2025 Decision of an authority
- ADGM FSRA Regulatory Actions and Sanctions (Durchsetzungsliste) Enforcement database of an authority
Checked against the official source on 3 Oct 2026 · Direct link
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26 Sep 2024 an audit firm in DubaiDFSA: enforceable undertaking from audit firm over late audit documentation Other
Over three years the audit firm, a Registered Auditor, failed to assemble complete and final documentation for several audit files in time, contrary to ISA 230 and ISQM 1. The DFSA accepted an Enforceable Undertaking in which the firm committed to remedial action; no fine was imposed.
Audit files must be completed on time – they evidence the audit opinion and are subject to supervision.
Timely archiving of audit files
- Authority / court
- Dubai Financial Services Authority (DFSA)
- Area of law
- Capital markets and financial supervision · Organisational requirements
- Legal basis
- International Standard on Auditing 230 (Audit Documentation); International Standard on Quality Management 1
- Action
- Other
- Status of proceedings
- final
- Sector
- Other
- Mitigating circumstances
- The DFSA expressly acknowledged the firm's cooperation.
- Published
- 26 Sep 2024
- Dubai Financial Services Authority (DFSA), Veröffentlichung der Behörde (Entscheidung 2024) Decision of an authority
Checked against the official source on 7 Oct 2026 · Company name anonymised since 26 Sep 2026 · Direct link
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16 Sep 2024 a foreign bank operating in the UAECBUAE fines a foreign bank AED 5m €1.22m
The Central Bank of the UAE (CBUAE) fined an unnamed bank operating in the UAE AED 5 million under Articles 89 and 137 of the central bank law (Federal Decree Law No. 14 of 2018) and Article 14 of the anti-money laundering law (Federal Decree Law No. 20 of 2018). The bank was also required to present the measure to the board of directors of its overseas headquarters; the release does not state what the breaches were.
Supervisory action against a bank's local operation can reach the board of its overseas headquarters – local compliance therefore belongs in group governance.
Involving group leadership in supervisory measures
- Authority / court
- Central Bank of the UAE (CBUAE)
- Area of law
- Capital markets and financial supervision
- Legal basis
- Art. 89 und 137 Federal Decree Law No. (14) of 2018 (Zentralbankgesetz); Art. 14 Federal Decree Law No. (20) of 2018 (AML/CFT)
- Action
- Fine
- Status of proceedings
- unknown
- Sector
- Financial services and insurance
- Published
- 16 Sep 2024
Original amount 5,000,000 AED, converted at the ECB reference rate of 16 Sep 2024.
- Central Bank of the UAE (CBUAE), Veröffentlichung der Behörde (Entscheidung 2024) Decision of an authority
Checked against the official source on 7 Oct 2026 · Company name anonymised since 16 Sep 2026 · Direct link
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26 Jul 2024 an Emirati insurance brokerCBUAE revokes insurance broker's licence over weak compliance Other
Following an examination, the Central Bank found that the insurance broker had a weak compliance framework and did not meet its regulatory obligations. It revoked the broker's licence and struck it off the register.
For insurance intermediaries, a persistently weak compliance framework can lead directly to the loss of their licence.
Minimum compliance requirements for insurance intermediaries
- Authority / court
- Central Bank of the UAE (CBUAE)
- Area of law
- Capital markets and financial supervision · Organisational requirements
- Legal basis
- Art. 22(2) Board of Directors Resolution No. 15 of 2013 Concerning Insurance Brokerage Regulations
- Action
- Other
- Status of proceedings
- unknown
- Sector
- Financial services and insurance
- Published
- 26 Jul 2024
- Central Bank of the UAE (CBUAE), Veröffentlichung der Behörde (Entscheidung 2024) Decision of an authority
Checked against the official source on 7 Oct 2026 · Company name anonymised since 26 Jul 2026 · Direct link
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16 May 2024 a digital investment management firm in the DIFCDFSA: digital investment manager offered own shares without a prospectus – USD 191,100 €175,870
The DIFC entity of a digital investment management group emailed almost 100,000 users an offer of shares in its parent company without an approved prospectus, withholding financial information while highlighting positive metrics. The DFSA imposed USD 191,100; the firm had halted the sale immediately after the regulator's warning and returned all monies. In parallel, the FSRA of ADGM separately sanctioned the sister company.
Even a 'test offer' of a firm's own shares to its customer base is a public offer and requires an approved prospectus.
Prospectus requirement for share offers to customers
- Authority / court
- Dubai Financial Services Authority (DFSA)
- Area of law
- Capital markets and financial supervision · Disclosure and reporting obligations
- Legal basis
- Art. 90(2)(a) Regulatory Law 2004 (DIFC); Art. 11 und Art. 14 Markets Law 2012 (DIFC); Art. 41B Regulatory Law
- Action
- Fine
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Mitigating circumstances
- Immediate halt of the offer and return of all monies; settlement (30% discount); account taken of the parallel ADGM sanction.
- Published
- 21 May 2024
Original amount 191,100 USD, converted at the ECB reference rate of 16 May 2024.
- Dubai Financial Services Authority (DFSA), Veröffentlichung der Behörde (Entscheidung 2024) Decision of an authority
Checked against the official source on 7 Oct 2026 · Company name anonymised since 16 May 2026 · Direct link
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15 May 2024 a UAE investment app providerADGM: 122,500 USD fine for an investment app over share offer without a prospectus €113,091
The FSRA (Financial Services Regulatory Authority, the financial regulator of Abu Dhabi Global Market, ADGM) fined the operator of an investment and trading app 122,500 USD and required it to have its governance, systems and controls reviewed by an independent third party. In April and May 2023 the firm used emails (the first sent to 96,701 recipients) and its website to promote the purchase, through a special purpose vehicle, of shares in its own group from existing shareholders without an approved prospectus. The regulator considered the conduct reckless rather than deliberate; because of mitigating factors, including the prompt reversal of the transactions without investor detriment, it reduced the fine by 30% and granted a further 30% discount for settlement.
A firm marketing shares in its own group to its customers must obtain legal advice on prospectus requirements beforehand.
Prospectus requirements when marketing shares to customers
- Authority / court
- Financial Services Regulatory Authority (ADGM)
- Area of law
- Capital markets and financial supervision · Disclosure and reporting obligations
- Legal basis
- Sections 58(1), 61(1), 232 und 35 FSMR 2015
- Action
- Fine
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Culpability
- negligent
- Mitigating circumstances
- Full cooperation, prompt reversal without investor detriment, prior notice of the plan to the regulator (though without legal advice), short duration, no previous similar non-compliance; a settlement on similar terms was also reached with another UAE authority.
Original amount 122,500 USD, converted at the ECB reference rate of 15 May 2024.
- Financial Services Regulatory Authority (ADGM), Veröffentlichung der Behörde (Entscheidung 2024) Decision of an authority
Checked against the official source on 7 Oct 2026 · Company name anonymised since 15 May 2026 · Direct link
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6 Feb 2024 a UAE insurance agencyCBUAE revokes licence of an insurance agency over weak compliance Other
The Central Bank of the UAE (CBUAE) revoked the licence of the insurance agency and struck it off the register. The reasons were a weak compliance framework and failure to meet regulatory obligations; the legal basis was Article 20 of Resolution No. 08 of 2011 on the regulation of insurance agents' business.
Intermediaries also need a working compliance framework – without one, the regulator can revoke the licence.
Compliance frameworks at insurance intermediaries
- Authority / court
- Central Bank of the UAE (CBUAE)
- Area of law
- Capital markets and financial supervision · Organisational requirements
- Legal basis
- Art. 20 Resolution No. 08 of 2011 Concerning the Regulation of Insurance Agents Business
- Action
- Other
- Status of proceedings
- unknown
- Sector
- Financial services and insurance
- Published
- 6 Feb 2024
- Central Bank of the UAE (CBUAE), Veröffentlichung der Behörde (Entscheidung 2024) Decision of an authority
Checked against the official source on 7 Oct 2026 · Company name anonymised since 6 Feb 2026 · Direct link
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26 Dec 2023 a brokerage firm in the DIFCDFSA: USD 1.37m on brokerage firm for inadequate compliance resources €1.24m
After acquiring a further brokerage business the broker lacked sufficient compliance resources, although senior management knew of the shortfall; the DFSA also found breaches regarding the timing of customer due diligence and the recording of communications (July 2020 to November 2022). Because of a settlement and an Enforceable Undertaking with an external compliance expert, the fine was reduced from USD 2,793,403 to USD 1,368,767.
A firm growing through acquisitions must plan compliance capacity in advance – failing to fix known shortfalls is itself a breach.
Compliance resources after acquisitions and growth
- Authority / court
- Dubai Financial Services Authority (DFSA)
- Area of law
- Capital markets and financial supervision · Organisational requirements
- Legal basis
- Art. 90(2)(a) Regulatory Law 2004 (DIFC); GEN Rules 4.2.4, 5.3.1, 5.3.9, 5.3.11; AML Rule 7.2.1; COB Rule 6.7.1 DFSA Rulebook
- Action
- Fine
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Mitigating circumstances
- Settlement and Enforceable Undertaking; no evidence of deliberate contraventions; fine reduced from USD 2,793,403 to USD 1,368,767.
- Liability of senior managers
- Senior management knew of the compliance staffing shortfall and did not address it; the source mentions no sanctions against individuals.
- Published
- 29 Dec 2023
Original amount 1,368,767 USD, converted at the ECB reference rate of 22 Dec 2023.
- Dubai Financial Services Authority (DFSA), Veröffentlichung der Behörde (Entscheidung 2023) Decision of an authority
Checked against the official source on 7 Oct 2026 · Company name anonymised since 26 Dec 2025 · Direct link
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2 Nov 2023 a private bank in the DIFCDFSA: USD 373,842 on private bank for gaps in market abuse detection €350,663
Between February 2018 and March 2021 the bank was unable to properly identify, assess and report suspicious client trading; it did not effectively supervise its outsourced trade surveillance, so trading by two clients with the characteristics of market abuse went unreported. The DFSA imposed USD 373,842; in 2021 it had temporarily prohibited the bank from handling orders of specific clients.
A firm that outsources market abuse surveillance remains responsible for its effectiveness and must oversee it itself.
Responsibility for outsourced trade surveillance
- Authority / court
- Dubai Financial Services Authority (DFSA)
- Area of law
- Capital markets and financial supervision · Market abuse and insider dealing
- Action
- Fine
- Status of proceedings
- unknown
- Sector
- Financial services and insurance
- Mitigating circumstances
- Full cooperation with the investigation and prompt remediation of the control weaknesses.
- Published
- 2 Nov 2023
Original amount 373,842 USD, converted at the ECB reference rate of 2 Nov 2023.
- Dubai Financial Services Authority (DFSA), Veröffentlichung der Behörde (Entscheidung 2023) Decision of an authority
Checked against the official source on 7 Oct 2026 · Company name anonymised since 2 Nov 2025 · Direct link
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4 Oct 2023 a token issuer in DubaiVARA halts issuance and distribution of a token by an issuer in Dubai Order
The issuer had issued a token without authorisation from the Virtual Assets Regulatory Authority (VARA, Dubai's virtual assets regulator), offered it for public sale and marketed it from Dubai. VARA therefore took enforcement action and directed the company to suspend distribution immediately and to stop issuance and marketing until approval was granted; VARA announced this on 4 October 2023. After concluding its investigation, VARA regarded the matters largely as technical non-compliance and declared the case resolved on 29 December 2023 following governance commitments by the company.
Issuing and promoting a token in a regulated market requires prior regulatory approval – even when the sale runs through a third-party platform.
Approval requirements for issuing and promoting tokens
- Authority / court
- Virtual Assets Regulatory Authority (VARA), Dubai
- Area of law
- Capital markets and financial supervision · Organisational requirements
- Legal basis
- Regulation III.A.1 Virtual Assets and Related Activities Regulations 2023 (Platzierung und Vertrieb virtueller Vermögenswerte, Broker-Dealer-Lizenz); Administrative Order No. 01/2022 (Marketing, Advertising and Promotions Related to Virtual Assets)
- Action
- Order
- Status of proceedings
- unknown
- Sector
- Financial services and insurance
- Mitigating circumstances
- Full cooperation and remedial measures, including improved public disclosures; VARA classed the matters largely as technical non-compliance.
- Published
- 4 Oct 2023
- Virtual Assets Regulatory Authority (VARA), Dubai, Veröffentlichung der Behörde (Entscheidung 2023) Decision of an authority
Checked against the official source on 7 Oct 2026 · Company name anonymised since 4 Oct 2025 · Direct link
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2 May 2023 a crypto exchange operator in DubaiVARA fines crypto exchange operator AED 10m for a market offence €2.48m
The Virtual Assets Regulatory Authority (VARA, Dubai's virtual assets regulator) fined the operator of a crypto exchange AED 10,000,000 on 2 May 2023 for a market offence under Regulation VIII.A.3 of the Virtual Assets and Related Activities Regulations 2023. VARA had previously issued cease-and-desist orders in February and March 2023 and reprimanded the company in writing on 18 April 2023 because it was operating and promoting a crypto exchange without authorisation. The Grievance Committee upheld the measures in full; when the notice was published on 16 August 2023, the fine had not been paid.
Ignoring a regulator's cease-and-desist orders and carrying on without a licence exposes the company to heavy fines and its leadership to personal sanctions.
Licensing requirement and promotion of crypto services
- Authority / court
- Virtual Assets Regulatory Authority (VARA), Dubai
- Area of law
- Capital markets and financial supervision
- Legal basis
- Regulation VIII.A.3 Virtual Assets and Related Activities Regulations 2023 (Market Offence); Überprüfung durch den Grievance Committee nach Art. 22 Law No. (4) of 2022 Regulating Virtual Assets in the Emirate of Dubai
- Action
- Fine
- Status of proceedings
- unknown
- Sector
- Financial services and insurance
- Liability of senior managers
- Measures against individuals are not set out here.
- Published
- 16 Aug 2023
Original amount 10,000,000 AED, converted at the ECB reference rate of 2 May 2023.
- Virtual Assets Regulatory Authority (VARA), Dubai, Veröffentlichung der Behörde (Entscheidung 2023) Decision of an authority
Checked against the official source on 8 Oct 2026 · Company name anonymised since 2 May 2025 · Direct link
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28 Feb 2023 a UAE exchange houseCBUAE revokes an exchange house's licence over AML and capital failings Other
The Central Bank of the UAE (CBUAE) revoked the licence of the exchange house and struck it off the register. Examinations had found that the company did not maintain the required paid-up capital and bank guarantee, was in default of equity obligations, had committed serious breaches of anti-money laundering rules and had a weak compliance framework overall. When the decision was published on 28 February 2023, the deadline for an appeal had expired without an appeal being lodged.
Capital requirements and anti-money laundering compliance are conditions of the licence – neglecting both risks not only fines but the loss of authorisation.
AML compliance and capital requirements at exchange houses
- Authority / court
- Central Bank of the UAE (CBUAE)
- Area of law
- Capital markets and financial supervision · Organisational requirements
- Legal basis
- Art. 137 Decretal Federal Law No. (14) of 2018 Regarding the Central Bank & Organisation of Financial Institutions and Activities
- Action
- Other
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Published
- 28 Feb 2023
- Central Bank of the UAE (CBUAE), Veröffentlichung der Behörde (Entscheidung 2023) Decision of an authority
Checked against the official source on 7 Oct 2026 · Company name anonymised since 28 Feb 2025 · Direct link
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2 Nov 2022 a UAE investment company without a financial services permissionADGM: 2.38m USD penalty for investment firm over unauthorised loans with upfront fees €2.4m
The FSRA (Financial Services Regulatory Authority, the financial regulator of Abu Dhabi Global Market, ADGM) imposed a financial penalty of 2,381,798 USD on the company registered in ADGM without a financial services permission, made up of disgorgement of 1,881,798 USD, 300,000 USD for the seriousness of the contraventions and an increase of 200,000 USD for aggravating factors. From around July 2019 to June 2021 it offered loans totalling about 37 million USD without authorisation, presented itself on its website as a major asset manager, received about 2.59 million USD from four companies and individuals as 'margin deposits' or processing fees, never provided the loans and did not repay about 1.88 million USD. As an aggravating factor the regulator noted that the funds were each time withdrawn in cash or transferred abroad, in its view to avoid refunds.
A commercial licence in a financial centre is no substitute for a financial services permission; anyone offering loans or presenting as an asset manager needs the regulator's authorisation.
Licensing requirements and red flags in loan offers with upfront fees
- Authority / court
- Financial Services Regulatory Authority (ADGM)
- Area of law
- Capital markets and financial supervision
- Legal basis
- Sections 16, 20 und 232 FSMR 2015
- Action
- Fine
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Liability of senior managers
- Measures against individuals are not set out here.
Original amount 2,381,798 USD, converted at the ECB reference rate of 2 Nov 2022.
- Financial Services Regulatory Authority (ADGM), Veröffentlichung der Behörde (Entscheidung 2022) Decision of an authority
Checked against the official source on 8 Oct 2026 · Company name anonymised since 2 Nov 2024 · Direct link