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DubaiCoin Crypto Not Approved by Any Official Authority

Dubai_Coin_cryptocurrency_was_never_approved_by_any_official_authority
  • The DubaiCoin crypto token is not approved by any official authority.
  • ArabianChain Technology revealed a scam announcement.
  • The announcement is that Dubai is making its own digital currency.

The government of Dubai announced that the DubaiCoin crypto token is not approved by any official authority and that promotions of the cryptocurrency are a scam.

Dubai Media Office Tweets,

DubaiCoin cryptocurrency was never approved by any official authority. The website promoting the coin is an elaborate phishing campaign that is designed to steal personal information from its visitors.

Fake Announcement on DubaiCoin

On May 25, ArabianChain Technology revealed a scam announcement that Dubai is making its own digital currency. However, circulation of the token will be controlled by both the city as well as authorized brokers, as per the Block report citing an archived version of the press release on the Internet Archive.

Moreover, the announcement explained that the token will turn into Dubai’s ‘De-Facto Digital Currency,’ however, the up-and-coming crypto can be purchased at a starting price of 17 cents per token through dub-pay.com website.

More so, the fake announcement circulated quickly and the crypto is listed only on the HitBTC crypto exchange. Furthermore, DubaiCoin (DBIX)’s value jumped more than 1,000% to almost $1.5 over the timespan of a day. According to TradingView, the DBIX price is $0.27, at the time of writing.

DBIX  USDT Price Chart
DBIX/USDT Price Chart (Source: TradingView)

Furthermore, ArabianChain Technology appears to be a legitimate firm, which has a token called DubaiCoin (DBIX). But the entity said on social media that ‘We have not made such an announcement, please be cautious.’

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Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.