Dubai regulator orders KuCoin to halt ‘unlicensed’ crypto services
Dubai's VARA ordered four KuCoin-affiliated entities to immediately stop all unlicensed virtual asset activities in the jurisdiction.Summary
Dubai's Virtual Assets Regulatory Authority (VARA) has mandated that four entities operating under the KuCoin brand—Phoenixfin Pte Ltd, MEK Global Limited, Peken Global Limited, and KuCoin Exchange EU GmbH—must immediately cease all "unlicensed" virtual asset activities in or from Dubai. VARA stated that these entities lack the required authorization under Dubai Law No. (4) of 2022 and Cabinet Resolution No. 111/2022, which require all virtual asset service providers to be licensed. Furthermore, VARA has barred KuCoin from any promotion, advertising, or marketing of crypto products or services to Dubai residents, warning that engaging with the non-compliant exchange exposes users to financial and legal risks. This action follows a recent regulatory restriction against KuCoin's European subsidiary by Austria's Financial Market Authority.
(Source：The Block)