Dubai's Virtual Assets Regulatory Authority (VARA) has issued alerts for seven cryptocurrency entities that claim to be registered and licensed in Dubai but are operating without proper licenses. The entities include Koto Crypto, Finchain, Crypto Force, Coin Cashy, BTC Bay, XT.com, and Stabit. VARA warned that engaging with these unlicensed platforms puts users at risk of financial losses and potential legal consequences. VARA also mentioned that XT.com, one of the alerted entities, recently suspended withdrawals after a suspected $1.7 million hack. VARA advised investors and consumers to avoid these entities and take necessary measures to protect their assets. The regulator has been taking enforcement actions against entities operating without licenses and has issued fines to 18 Virtual Asset Service Providers that failed to comply with VARA's directives.



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