VARA Dubai fines unlicensed Shelbit Crypto Exchange

Dubai’s Virtual Assets Regulatory Authority (“VARA”) has issued a Notice of Fines following a cease and desist order in 2025, to Shelbit General Trading L.L.C operating under Shelbit or Shelbit Exchange. The action was taken after a routine market wide monitoring which identified that Shelbit was continuing to offer virtual asset services to customers in and from Dubai without a regulatory license.

The entity was onboarding users without mandatory Know-Your-Customer (“KYC”) checks as per UAE law; and marketing its services in Dubai without authorization.

As per VARA announcement this is a breach of Federal Decree-Law No. (10) of 2025 Regarding Anti-Money Laundering and Combating the Financing of Terrorism and Proliferation Financing, Cabinet Resolution No. (111) of 2022 Regulating Virtual Assets and the Related Service Providers, Dubai Law No. (4) of 2022 Regulating Virtual Assets in the Emirate of Dubai, and the VARA Regulations and Rulebooks.

As a result VARA took enforcement measures including financial penalties, and an immediate cease and desist order.

VARA has on various occasions imposed fines and cease and desist orders. In 2024, VARA issued cease and desist orders against 7 VASP entities for operating without a license and for breaching marketing regulations. The fines reach up to $27,000 depending on severity of violation. In late 2025, it penalized 19 VASPs for carrying out unlicensed virtual asset activities and for breaches of VARA’s marketing regulations. The penalties ranged from AED 100,000 – AED 600,000 ( $27,000, to $163,000) depending on the seriousness of the violation.

In October 2025, it issued an alert in relation to VESTA PRIME PORTAL CO. L.L.C (commercially advertising as “Vesta Investments”). The company uses the domain name www.vesta-investment.com and operates out of an address 1409, 51 Tower, Business Bay, Dubai, UAE.