Exposed: The Crypto Money Laundering Cartel Hiding in Dubai

To Whom It May Concern, A sophisticated network of unregulated cryptocurrency exchanges is actively targeting individuals from the UAE , operating outside the country’s legal framework and exposing users to severe financial risks. This network consists of multiple interconnected platforms, all utilizing the same backend infrastructure , and promoted by influencers who mislead the public with false assurances of legitimacy. By disguising themselves as legitimate trading platforms, these entities are luring unsuspecting investors—many of whom are retail traders—with deceptive marketing tactics. Social Media Influencers , Telegram channels, and fabricated trading success stories are being used to build trust and encourage users to deposit funds, all while these platforms evade regulatory oversight and consumer protections. The evidence we have gathered clearly links these platforms to a centralized infrastructure, proving they are not independent entities but rather different faces of the same illicit operation . Their activities not only violate UAE’s financial regulations but also pose significant threats to the country's reputation as a trusted global financial hub. In this report, we will provide concrete evidence of how this network operates, detailing its structure , the individuals involved , and the tactics used to defraud the public. The scale of this operation poses a direct threat to financial stability and consumer safety in the UAE . Given the rising number of victims and the growing public concern, we strongly urge the UAE Virtual Assets Regulatory Authority (VARA), law enforcement agencies, and financial crime task forces to launch an immediate investigation into these unregulated platforms. Swift action is necessary to protect the public from further financial exploitation, uphold the UAE’s regulatory integrity , and prevent these bad actors from continuing their deceptive schemes. The people affected by these fraudulent exchanges demand justice, and it...