Refinable Kurs FINE

The Virtual Assets Regulatory Authority (VARA) of Dubai has issued an official alert regarding the company MKAN Coin DMCC. In a statement on the official VARA website, they cautioned that MKAN Coin has been operating in the UAE without the right regulatory approval. The company has been advertising virtual asset services as available in Dubai, even though it doesn’t have the licenses it needs. VARA made it clear that MKAN Coin is not allowed to provide virtual asset services in or from Dubai. This means they are breaking VARA rules. The platform’s services are considered illegal in Dubai, which puts users who use it at serious risk. These risks cover possible financial losses, legal trouble, and breaking criminal laws by dealing with an unregulated platform. Related: Dubai’s VARA: Striking the Right Balance in Crypto Regulation Under Dubai Law No. (4) of 2022 and Cabinet Resolution No. 111/2022, all virtual asset service providers must be licensed to legally operate in the Emirate. Because MKAN Coin doesn’t meet these regulatory needs, VARA has ordered the company to stop all its activities and has charged them a fine. To safeguard users, VARA has suspended access to the MKAN Coin website and advised consumers and investors to avoid engaging with the platform. VARA encourages the public to report any unlicensed virtual asset activities to help protect the integrity of the market. As the authority in charge of regulating virtual asset activities in Dubai, VARA is still focused on protecting consumers and making sure there’s a secure investment environment. In addition, in December 2024, VARA issued warnings about seven crypto entities falsely claiming to be registered and licensed in Dubai. These entities include Koto Crypto, Crypto Force, Finchain, BTC Bay, and XT.com. According to the notice, any virtual asset-related activities on these platforms do not follow VARA rules. Users who use unlicensed platforms face significant financial risks and could run into legal problems. Related: Dubai’s VARA Issues New Crypto Marketing Guidelines, Mandates Risk Disclaimers On February 13, 2025, VARA issued an alert about the high risks of investing in meme coins, labeling them as highly speculative, volatile, and often manipulated. It warned that these assets lack intrinsic value and are influenced by social media trends, posing a risk of significant financial loss. VARA stressed that all virtual assets in Dubai must follow local regulations, and unauthorized activities could lead to enforcement actions. Consumers are being told to be careful, as access to meme coin platforms might be limited, and to protect their financial security. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

OKX subsidiary Aux Cayes FinTech Co. Ltd. (OKX Seychelles) reached a settlement with the U.S. Department of Justice, admitting to operating remittance services without authorization in the U.S. The company will pay an $84 million fine and forgo $421 million in revenue.…

OKX settles $84M fine with DoJ in the U.S. Global crypto exchange OKX announced that it has agreed to pay a fine of $84 million with the U.S. Department of Justice (DoJ) in connection with unlicensed money transfer charges. OKX outlined on its website that in the investigation conducted by the U.S. DoJ, OKX admitted that it did not obtain a license as a money transfer company. As part of the settlement, it agreed to pay a fine and give up the revenue of approximately $420 million earned from U.S. customers during that period.

🚨 NEW: OKX settles DOJ investigation, will pay an $84 million fine and $421 million in restitution

Russian national Alexander Vinnik, previously convicted for running a multi-billion-dollar money-laundering operation through his BTC-e crypto exchange, has been released in a prisoner exchange between Russia and the United States. In return, Moscow freed American schoolteacher Marc Fogel, who had been detained on drug charges. Vinnik’s Role in BTC-e and Legal Troubles Vinnik operated the BTC-e platform from 2011 to 2017 when he was arrested by police in Greece at the request of American law enforcement agencies. According to the U.S. Justice Department, the exchange processed transactions worth more than $9 billion across six years, much of which was allegedly tied to crimes such as ransomware attacks, drug trafficking, and identity theft. Authorities claim that BTC-e’s lack of anti-money laundering (AML) and Know-Your-Customer (KYC) policies made it attractive to cybercriminals. Vinnik was extradited to France in 2020 and sentenced to five years for money laundering. He was later sent back to Greece before finally being handed over to the Americans in 2022. In May 2024, the Russian pleaded guilty to conspiracy to commit money laundering and faced up to 20 years in prison. During his trial, prosecutors accused Vinnik of facilitating over $120 million in losses and described BTC-e as a “significant cybercrime and online money laundering entity.” Millions of dollars worth of assets belonging to the platform were seized, including $90 million that authorities bagged in New Zealand. Additionally, the U.S. Treasury Department imposed a $120 million fine on the exchange, with Vinnik personally facing a $12 million penalty. A Long-Running Extradition Battle Before his transfer to the U.S., the 45-year-old had been at the center of an international legal battle involving France, Russia, and the United States. While Russia sought his extradition on lesser fraud charges amounting to just $11,000, France and the U.S. pursued him for broader financial crimes. In 2023, his lawyers tried to include him in a U.S.-Russia prisoner swap involving journalist Evan Gershkovich, but it was unsuccessful. His exchange for Fogel, an American teacher detained in Russia, marks a rare moment of cooperation between the two countries, especially coming against the backdrop of the ongoing Ukraine war. Vinnik will have to forfeit tens of millions of dollars in assets as part of the deal. The post BTC-e Operator Released in US-Russia Prisoner Swap appeared first on CryptoPotato.