Vara tells crypto exchange KuCoin to halt operations in Dubai

Dubai's Virtual Assets Regulatory Authority (VARA) has mandated that cryptocurrency exchange KuCoin cease and desist from serving clients in the region because it is operating without the necessary regulatory approvals and licensing. VARA stated that KuCoin holds no license to provide virtual asset services in or from Dubai, making any related activities a breach of VARA Regulations. The regulator explicitly warned that KuCoin is not permitted to offer, promote, or market any Virtual Asset products or services in Dubai or to its residents, advising consumers to avoid engaging with the exchange. This action follows a similar move by Austria's financial regulator, which recently prohibited KuCoin's European arm from onboarding new customers due to compliance staffing issues, despite KuCoin having previously secured a MiCA permit for EU operations.

(Source：CoinDesk)