ADGM regulator warns against Vibrafund digital asset trading entity

The regulatory authority of ADGM in Abu Dhabi UAE has issued an alert concerning an entity using the name ‘Vibrafund FZLLC’, which claims to be registered and licensed in ADGM and authorized to undertake digital asset trading.

The Financial Services Regulatory Authority of ADGM has confirmed that Vibrafund FZLLC is not incorporated, registered or licensed with the Registration Authority, and is not and has never been authorized by the FSRA to carry on financial services in or from ADGM.

Vibrafund also does not appear on ADGM’s Public Register of Companies; and has not to date applied for a commercial license with ADGM.

In the announcement, The FSRA confirmed that Vibrafund is not, and has never been, licensed by the FSRA to carry on any form of financial services in or from ADGM.

FSRA commented, “Only firms authorized by the FSRA can undertake financial services activities in or from ADGM. The FSRA advises the market and investors to exercise caution and not to deal with any firm until it has verified that the firm is authentic and has been granted the appropriate Financial Services Permission by the FSRA to undertake financial services activities in or from ADGM.”

Members of the public are encouraged to exercise caution and independently verify any claimed association with ADGM, particularly where investment opportunities, requests for payment, or requests for personal or financial information are involved.

Under ADGM’s commercial legislation, it is a serious contravention to misrepresent that an entity is incorporated, registered, or licensed in or from ADGM when this is not the case. This type of misconduct may result in regulatory enforcement action, including (but not limited to) the imposition of financial penalties.