UAE: The Virtual Assets Regulatory Authority (VARA) imposed an undisclosed fine on Morpheus Software Technology (Fuze) – which was found, during a regulatory investigation in April 2025, to have intentionally conducted unlicensed virtual assets activities. VARA also found failures in Fuze’s anti-money laundering program, related governance, compliance and internal systems and controls. Fuze has accepted the findings identified and proposed a remedial plan – with ongoing supervision by VARA.
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