Dubai’s Virtual Assets Regulatory Authority (VARA) has instructed entities commercially advertising as KuCoin to stop offering virtual asset services in the emirate, warning that the platform is not authorized to serve Dubai residents. VARA named Phoenixfin Pte Ltd, MEK Global Limited, Peken Global Limited and Kucoin Exchange EU GmbH as parties that may be providing virtual asset activities without required approvals and misrepresenting their licensing status.
The regulator said the group must cease and desist all unlicensed digital asset activities and stressed that KuCoin “does not hold any licence to provide Virtual Asset services in/from Dubai.” VARA noted that any promotion, advertising or solicitation related to KuCoin has not been approved and that advertised or conducted virtual asset activities would breach VARA rules and UAE law, including Dubai Law No. 4 of 2022 and Cabinet Resolution No. 111/2022, which require virtual asset service providers to be licensed.
VARA warned consumers that engaging with unlicensed platforms carries significant financial risks and potential legal consequences, and urged Dubai-based users to avoid using KuCoin for virtual asset services. The authority advised users to check the public register of licensed providers before transacting and to report suspected unlicensed activity directly to VARA.
The Dubai alert follows recent action in Austria, where the Financial Market Authority froze new business at KuCoin EU, the Vienna-based entity holding a Markets in Crypto-Assets Regulation (MiCA) license, citing failures to maintain key anti-money laundering, counter-terrorist financing and sanctions compliance roles. KuCoin’s European management said it had voluntarily paused new onboarding and some trading activities while it worked to fill those positions and return to full compliance.
Cointelegraph contacted KuCoin for comment but had not received a response at the time of publication.