The regulator began to investigate the activities of Morpheus in mid -April 2025. Vara announced that the company did not comply with the rules for combating money laundering (AML) and did not take measures for effective internal control. The exact amount of the fine is not disclosed.
Morpheus management agreed with claims and proposed a plan to eliminate violations, Vara said. The department promised that when the company will pay a fine, the authorities will appoint a separate specialist to monitor the elimination of violations in Morpheus.
Morpheus Software Technology (Fuze) is considered a rapidly developing crypto industry player in the Mena region (Middle East and North Africa). In May, the company announced the completion of the round of financing of the series A, during which $ 12.2 million was involved. Galaxy Digital was the leader of this round of financing. In 2023, the Fuze project raised funds from Further Ventures and Liberty City Ventures. Since its foundation, Morpheus has attracted funds of more than 300 large investors and processed transactions worth more than $ 2.2 billion.
Last year, Vara has stopped the activities of seven cryptophirs that do not comply with the rules of licensing and marketing. In April, the Abu-Dabi financial services regulation (FSRA) was fined HAYVN crypto company for $ 12 million for violations of AML and unlicensed business.
Source: Bits
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