UAE Closely Examines Cardi B-Endorsed Memecoin WAP Amid Regulatory Intensification

UAE Probes Cardi B-Endorsed Memecoin WAP

In a significant move indicating increasing regulatory scrutiny, the UAE's Securities and Commodities Authority (SCA) has opened a probe into the $WAP token, endorsed by Cardi B. The examination raises concerns over potential securities violations linked to this memecoin, which has gained attention following Cardi B’s endorsement.

Suspicion around WAP Token

With a circulating supply of one billion tokens, the $WAP token has drawn scrutiny for its promotional strategies. Allegations hint it may be involved in a pump-and-dump scheme, utilizing paid promoters to create artificial market inflations.

UAE's Regulatory Actions

• The SCA's investigation was prompted by alerts from prominent investors.
• Many speculate that significant pre-launch token dumps raise red flags.
• WAP token's endorsements by Cardi B could attract severe regulatory repercussions.

In light of these developments, the SCA is collaborating with blockchain watchdogs to assess violations of both UAE and US securities laws.