The Dubai Virtual Assets Regulatory Authority (VARA) has imposed a fine on Morpheus Software Technology FZE (known as Fuze) after identifying shortcomings in its anti-money laundering (AML) compliance, governance, and internal controls.



VARA also found that Fuze conducted unlicensed virtual asset activities and failed to disclose these material facts.

The firm is cooperating and implementing a comprehensive remediation plan under VARA’s ongoing supervision.

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VIRTUAL-5.91%
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