The Chief Executive Officer (CEO) of Dubai\u2019s Virtual Asset Regulatory Authority (VARA) Henson Orser announced to step down from his position, on November 16. Notably,\u00a0 Mathew White, a partner at PwC and a consultant at VARA will take over as the new CEO.<\/p>\n
According to a Bloomberg report<\/a>, VARA in a statement confirmed the exit of Henson Orser and also mentioned the appointment of Matthew White.<\/p>\n <\/p>\n The leadership change comes when the regulatory authority, VARA is working to levy huge fines on more than a dozen crypto companies, for failing to meet the standard guidelines.\u00a0 The companies were given a deadline of November 17<\/a> to ensure and comply with the VARA guidelines.<\/p>\n Demanding anonymity, a few people said although there is no clarity on which of the top firms will be fined for the violations, Binance,<\/a> Bybit Fintech Ltd. and OKX, which have partial digital-asset licenses in Dubai are risk-free.<\/p>\n More details into the matter are yet to come, as there is no official statement or comment from VARA as well as Henson Orser.<\/p>\n <\/p>\n Also Read: Astrobotic To Send Dogecoin To The Moon This December, DOGE Price To Rally?<\/a><\/strong><\/p>\n <\/p>\n If sources are to be believed, Henson Orser, who started as the CEO of Dubai\u2019s Virtual Asset Regulatory Authority in January 2023, is leaving due to personal reasons. Although neither VARA nor Henson commented about the reason for the exit.\u00a0 It is to be noted, that Henson Orser was the authority\u2019s first-ever CEO since it was established in 2o22.\u00a0 Although he announced an exit from VARA, Henson is said to be actively involved in a consultative capacity, said VARA.<\/p>\n In March 2022, Dubai established VARA, an entity charged with streamlining regulatory application<\/a> and operating licensing approvals for Virtual Assets including digital assets, products, operators, and exchanges in Dubai.<\/p>\n Matthew White, a partner at PwC who has worked with VARA as a consultant, will be the new CEO of Dubai\u2019s Virtual Asset Regulatory Authority.<\/p>\n Also Read: Terra Vs SEC: Court Hints At Summary Judgment In Weeks<\/a><\/strong><\/p>\nLeadership Change Comes When VARA Plans Fines On Companies<\/h2>\n
Henson Orser will Continue as \u2018Consultative Capacity\u2019<\/h2>\n
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