Dubai Regulator Warns KuCoin Over Unlicensed Crypto Services

Dubai's Virtual Assets Regulatory Authority (VARA) issued an investor alert on March 5, instructing entities operating as KuCoin—including Phoenixfin Pte Ltd, MEK Global Limited, Peken Global Limited, and Kucoin Exchange EU GmbH—to cease all unlicensed virtual asset activities in Dubai. VARA stated that these entities were advertising services to Dubai residents without the necessary regulatory approvals and were misrepresenting their licensing status, explicitly noting that KuCoin holds no license to provide Virtual Asset services in or from Dubai. The regulator emphasized that such unlicensed activities breach Dubai Law No. 4 of 2022 and UAE legislation, warning consumers of significant financial risks. VARA urged Dubai users to avoid KuCoin, verify licensed providers on its public register, and report any suspected unlicensed activity. This action follows a recent move by Austria’s Financial Market Authority to freeze new business at KuCoin EU over AML/CTF compliance failures.

(Source：Cointelegraph)