Dubai’s Virtual Assets Regulatory Authority (VARA) has ordered several entities associated with crypto exchange KuCoin to cease unlicensed operations in the emirate. In a public alert issued Thursday, the regulator said companies promoting the KuCoin brand may have been offering virtual asset services to Dubai residents without obtaining the required regulatory approvals.
VARA identified Phoenixfin Pte Ltd, MEK Global Limited, Peken Global Limited, and Kucoin Exchange EU GmbH as entities advertising services under the KuCoin name. According to the regulator, none of these companies holds a license to provide virtual asset services in or from Dubai. The authority stated that any marketing or solicitation related to the exchange within the jurisdiction has not been approved and may breach local digital asset laws.
The regulator urged residents to verify licensed virtual asset providers through its public registry before engaging in transactions. It also warned that using unlicensed platforms may expose consumers to financial risks and potential legal consequences. The alert follows recent regulatory scrutiny in Europe, where Austria’s financial watchdog temporarily halted new business activities at KuCoin’s EU entity over compliance issues related to anti-money laundering and sanctions oversight.
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