Kyle Davies and Su Zhu, were among five individuals who received a written warning from Dubai's Virtual Assets Regulatory Authority (VARA) for launching the exchange without obtaining the necessary licenses and approvals from the appropriate regulatory authorities.
The move comes as part of a wider crackdown by regulators around the world on unlicensed cryptocurrency activity.
The Dubai Financial Services Authority (DFSA) has stated that it is taking the issue seriously and is working closely with other regulatory bodies to ensure that unlicensed cryptocurrency activity is stopped. The DFSA has also reminded all companies operating within its jurisdiction to obtain the necessary licenses and approvals before launching any cryptocurrency-related products or services.
