VARA CEO Steps Down, Matthew White Takes Over
The CEO of Dubai’s Virtual Asset Regulatory Authority (VARA), Henson Orser, has announced his resignation from the position. On November 16, Mathew White, a partner at PwC and a consultant at VARA, was confirmed as the new CEO.
Leadership Change Amid Plans to Levy Fines
The leadership change coincides with VARA’s plans to impose substantial fines on over a dozen crypto companies for failing to meet standard guidelines. These companies were given until November 17 to comply with the regulations set by VARA.
Although there is no official statement on which firms will be fined, sources suggest that Binance, Bybit Fintech Ltd., and OKX are not at risk due to their partial digital asset licenses in Dubai.
More details about the fines and violations are expected soon.
Henson Orser to Remain in a Consultative Role
Henson Orser’s resignation is attributed to personal reasons. While no official statement about his departure has been made by VARA or Henson himself, it is important to note that he was the first-ever CEO of VARA since its establishment in 2022. He will continue to play an active role in a consultative capacity.
In March 2022, Dubai established VARA to streamline regulatory applications and licensing approvals for virtual assets in the city. Matthew White will succeed Henson Orser as the new CEO of VARA.
Hot Take: Changes at VARA Reflect Crypto Regulatory Environment
The changes in leadership at VARA come at a critical time when regulatory bodies are taking stricter measures against non-compliant crypto companies. With an imminent crackdown on companies that fail to meet guidelines, this move signals a shift towards more robust oversight within the crypto space.
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