VARA Fines Peken Global for Unlicensed Crypto Operations in Dubai

Dubai’s Virtual Assets Regulatory Authority (VARA) has imposed enforcement measures and financial penalties on Peken Global for conducting unauthorized business activities. The regulator confirmed that the entity, which also operates under the name Peken, failed to obtain the required licensing to provide virtual asset services within the Dubai jurisdiction. \n\n Regulatory Breaches and Penalties \n Following an investigation, VARA issued a formal cease-and-desist order, requiring Peken Global to halt all marketing and operations targeting the UAE market immediately. The enforcement action was triggered by the firm’s failure to comply with the Virtual Assets and Related Activities Regulations 2023, which mandates that all service providers must be registered and authorized before soliciting clients. \n The regulator did not disclose the specific total of the financial penalties but noted that the measures are intended to address the risks posed by unlicensed operators. This move underscores the authority\'s strategy to move against entities that bypass the established legal framework for digital assets in the emirate. \n\n Investor Protection and Market Oversight \n VARA…