Dubai regulator orders KuCoin entities to stop unlicensed operations

Dubai’s Virtual Asset Regulatory Authority has ordered KuCoin-linked entities to cease unlicensed crypto services, warning the exchange is not authorized to serve Dubai residents.

Dubai’s digital asset regulator has instructed entities behind crypto exchange KuCoin to halt unlicensed virtual asset activities in the emirate, warning investors that the platform is not authorized to serve Dubai residents.

​In a March 5 investor and marketplace alert, the Virtual Assets Regulatory Authority (VARA) said that Phoenixfin Pte Ltd, MEK Global Limited, Peken Global Limited and Kucoin Exchange EU GmbH, all commercially advertising as KuCoin, may be providing virtual asset activities to Dubai residents, “without the necessary regulatory approvals and misrepresenting its licensing status.” 

VARA said the group had been instructed to cease and desist all unlicensed digital asset activities and stressed that KuCoin did “not hold any licence to provide Virtual Asset services in/from Dubai.”

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