Vedas Marketing Fined by DFSA for Unauthorized Financial Promotion Related to a Forex Broker

Last week, the Dubai Financial Services Authority (DFSA) issued a $100,000 fine to Vedas International Marketing Management (Vedas Marketing).

The regulator said Vedas Marketing conducted unauthorized financial promotions related to Multibank Group in the Dubai International Financial Centre (DIFC).

Moreover, the firm engaged in misleading and deceptive conduct by claiming that certain entities of Multibank Group were regulated by the DFSA, which was not true.

In response to the Decision Notice issued by the DFSA, Vedas Marketing challenged the Notice and referred it to the Financial Markets Tribunal on June 2 this year.

On July 22, the Tribunal withdrew Vedas Marketing's reference due to the company's failure to pay the appeal filing fee.

In addition, the DFSA emphasized that its Decision Notice did not allege misconduct of Multibank Group.

Ian Johnston, Chief Executive of the DFSA, said: "Upholding the integrity and reputation of the DIFC is one of our highest priorities. 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."