CoinMENA is a licensed virtual asset service provider that received an enforcement fine for AML compliance failures, making this an enforcement action against a crypto-asset service provider.
The enforcement action specifically targets AML programme deficiencies, which is a core compliance obligation for payment and virtual asset service providers.
Specialism
VARA imposed a financial penalty on a named virtual asset service provider (CoinMENA FZE) for identified AML compliance failures, meeting the enforcement financial penalty criteria.
The penalty was specifically for anti-money laundering programme compliance failures, making AML/CTF the relevant subject-matter tag.
2026-06-23 07:37:06·rghosh@vixio.com
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TITLE: Dubai's Virtual Assets Regulatory Authority Issues Fine Against CoinMENA FZE for Compliance Failures
BODY:
On June 22, 2026, the Virtual Assets Regulatory Authority (VARA) issued a Notice of Fines against CoinMENA FZE (Ref: VL/23/09/001), a virtual asset service provider licensed to conduct VA Broker-Dealer Services. CoinMENA received its Virtual Asset Service Provider Licence on November 30, 2023.
Following ongoing supervisory inspections covering full market operations from inception through the 2025 financial year, VARA identified administrative issues with CoinMENA's internal systems and controls that resulted in compliance failures relating to its anti-money laundering (AML) programme. In response, VARA imposed a financial penalty against CoinMENA. VARA emphasised that CoinMENA cooperated fully throughout the enforcement process, providing all necessary information to the regulator, accepting the identified findings, and implementing a coordinated remediation plan to strengthen its assurance standards. This enforcement action reflects VARA's commitment to maintaining robust compliance standards among virtual asset service providers operating in Dubai.
The notice has been published to provide market awareness and consumer information regarding VARA's supervisory and enforcement activities. VARA stated that the notification does not constitute professional or legal advice and does not substitute for investors' own due diligence. Virtual asset service providers should ensure their internal systems and controls, particularly those related to AML compliance, meet VARA's regulatory requirements. The enforcement notice is available on VARA's website alongside other regulatory notices issued by the authority.
VARA Notice of Fines – CoinMENA FZE - VARA Enforcement Notices VARA Notice of Fines – CoinMENA FZE 22 Jun 2026 The Virtual Assets Regulatory Authority (“VARA”) is issuing this Notice of Fines regarding ongoing supervisory controls, and enforcement actions taken against CoinMENA FZE (Ref: VL/23/09/001) (“CoinMENA”). CoinMENA was issued a Virtual Asset Service Provider Licence on 30 November 2023 (the “ Licence ”), permitting the provision of VA Broker-Dealer Services. Following ongoing supervisory inspections across full market operations from inception through FY 2025, VARA identified administrative issues with internal systems and controls, resulting in compliance failures with respect to CoinMENA’s Anti-Money Laundering (“ AML ”) programme. Consequently, VARA has taken necessary enforcement action, including the imposition of an associated financial penalty against CoinMENA. VARA notes that CoinMENA has cooperated fully, providing the regulator all necessary information,accepted the identified findings, and initiated a coordinated remediation plan as part of their commitment to deliver consistently robust assurance standards. The above has been published on a non-reliance basis for market awareness and consumer information purposes only, in accordance with VARA’s function as the competent authority to regulate, license, supervise, and oversee Virtual Asset services in the Emirate of Dubai, including, but not limited to, exercising powers to monitor and enforce against any breaches of VARA’s regulations and/or wrongdoing. This notification is not a substitute for investors’ own due diligence and does not constitute any form of professional or legal advice. VARA is the competent entity in charge of regulating, supervising, and overseeing Virtual Asset services in the Emirate of Dubai (excluding the Dubai International Financial Centre). Download Notices VARA Notice of Fines – CoinMENA FZE Enforcement Notice Of Fines Coinmena FZE See all Regulatory Notices See all Regulatory Notices