The CEO of Dubai's crypto regulator, Henson Orser, is set to be replaced by Matthew White, a partner at PwC, the Virtual Assets Regulatory Authority (VARA) said in an email.
Bloomberg reported the change earlier, citing a statement from the regulator.
Additionally, more than 12 crypto companies are set to be fined for not complying with guidelines by a Nov. 17 deadline, Bloomberg said, citing anonymous sources who asked not to be identified because the matter is private. The names of the firms were not mentioned, but don't include Binance, OKX or ByBit and some others, which will be given more time to comply, according to the report. In its email, VARA did not comment on the fines.
The Virtual Assets Regulatory Authority has been run by Orser since January. He will remain fully engaged for a "planned transition" as a consultant, VARA said.
“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.” Orser did not immediately respond to a request for comment from CoinDesk.
White has previously worked with VARA as a consultant and has headed the Cybersecurity and Digital Trust team at PwC.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.