The UAE’s Securities and Commodities Authority (SCA) has firmly denied rumors regarding potential securities law violations linked to the $WAP cryptocurrency, which has gained attention due to endorsements from celebrities like Cardi B. This clarification comes after numerous reports surfaced, suggesting that the SCA had reached out to the U.S. Securities and Exchange Commission (SEC) about an investigation into the token. The speculation intensified following a promotional video featuring Cardi B, shared on her official X account, which included a wallet address associated with $WAP.

In response to inquiries from Khaleej Times, the SCA labeled these claims as “baseless rumors” and emphasized that no communication had occurred with the SEC concerning the $WAP token. The authority expressed its readiness to pursue legal action against those who propagate false information. It also issued an investor alert on its website, reiterating that no investigation is currently underway.

The SCA’s statement clearly refutes allegations of wrongdoing related to the $WAP cryptocurrency. It underscores the importance of verifying information before accepting it as fact, particularly in an era where misinformation can spread rapidly through social media platforms. The authority’s proactive stance aims to safeguard investors from potential scams and fraudulent activities associated with unlicensed entities.

As the cryptocurrency landscape continues to evolve, regulatory bodies like the SCA are crucial in maintaining market integrity and protecting investors. The swift denial of these rumors reflects the SCA’s commitment to transparency and accountability within the financial markets of the UAE. Investors are advised to remain vigilant and informed about their investments, especially in a market characterized by volatility and speculation.