Vedas International Marketing Management was fined $100,000 (Dh367,000) by the Dubai Financial Services Authority (DFSA) on Tuesday for engaging in “unauthorised and deceptive financial promotions related to the Multibank Group.”
The regulator declared that Vedas Marketing engaged in misleading and deceptive behavior by claiming that some Multibank Group entities were regulated by the DFSA when, in reality, none of the promoted entities were, and that Vedas Marketing had made unapproved promotions to people in the Dubai International Financial Centre (DIFC).
The Multibank Group provides trading platforms, and in its ruling, the DFSA has not accused the Multibank Group of any wrongdoing.
Vedas Marketing appealed the DFSA’s verdict to the Financial Markets Tribunal (FMT) on June 2, 2024, contesting its findings. On July 22, 2024, however, the FMT ordered that the reference be stricken out since Vedas Marketing had neglected to pay the necessary filing fee. In the first half of 2024, the DFSA authorised 61 new firms, marking a 22 per cent increase compared to the same period in 2023, bringing the total number of regulated entities to 837.
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