The Dubai Financial Services Authority (DFSA) has fined Vedas International Marketing Management $100,000 for unauthorised financial promotions involving the Multibank Group.
The DFSA announced the penalty on Tuesday, citing Vedas Marketing’s unauthorised promotions to individuals in the Dubai International Financial Centre (DIFC). Vedas Marketing was also found guilty of misleading conduct by incorrectly suggesting that certain Multibank Group entities were regulated by the DFSA, which was not the case.
“Upholding the integrity and reputation of the DIFC is one of our highest priorities,” said Ian Johnston, Chief Executive of the DFSA. “The DFSA will not hesitate to act against firms that mislead the public about their regulatory status or location, taking necessary steps to deter such conduct.”
Vedas Marketing contested the DFSA’s findings by referring the case to the Financial Markets Tribunal (FMT) on June 2, 2024. However, the FMT dismissed the case on July 22, 2024, due to Vedas Marketing’s failure to pay the necessary filing fee.
The Multibank Group, known for offering trading platforms, was not accused of any wrongdoing in this matter.