According to an email from the Virtual Assets Regulatory Authority (VARA), Matthew White, a partner at PwC, will take over as CEO of Dubai’s cryptocurrency regulator, replacing Henson Orser.Citing a statement from the agency, Bloomberg first announced the adjustment.Bloomberg reported, citing anonymous sources who asked not to be identified because the subject is confidential, that over 12 cryptocurrency companies would also be punished for failing to comply with standards by a deadline of Nov. 17.The report states that certain companies, including as Binance, OKX, and ByBit, will be granted additional time to comply, although the identities of the firms were not disclosed.VARA made no mention of the fines in its email.
Orser has been in charge of the Virtual Assets Regulatory Authority since January.According to VARA, he will stay completely committed for a “planned transition” as a consultant.
“It was a great experience and I’m fully vested in a consultative capacity to support VARA,” Orser said to Bloomberg. “I’m leaving to pursue other interests.”
White has led the PwC cybersecurity and digital trust team and served as a consultant for VARA in the past.Dubai has punished cryptocurrency bankruptcy claims exchange OPNX and its owners, who also founded the defunct hedge fund Three Arrows Capital (3AC), in recent weeks. Additionally, regulatory permissions have been given to Crypto.com, Komainu, a cryptocurrency custody service funded by Nomura, and Hex Trust, another custody firm.