Regulator cites governance failures, unlicensed activity, and non-disclosure as key breaches; remediation plan and supervision imposed Dubai’s Virtual Assets Regulatory Authority (Vara) has fined Morpheus Software Technology FZE (Morpheus Fuze) for multiple breaches of its regulatory obligations, including violations of anti-money laundering (AML) requirements, governance lapses, and unlicensed virtual asset (VA) activities. Morpheus was issued a Virtual Asset Service Provider Licence on October 19, 2023, but a regulatory investigation initiated on April 15, 2025 uncovered serious shortcomings. Vara identified deficiencies in the company’s AML programme, weak compliance structures, and ineffective internal controls. In addition, Morpheus was found to have intentionally … Continue reading Dubai’s Vara Fines Morpheus Software Technology for AML Violations