The regulator warned investors that promotions tied to the exchange are not approved in Dubai and urged residents to verify licensed virtual asset providers.
Dubai’s digital asset regulator has instructed entities behind crypto exchange KuCoin to halt unlicensed virtual asset services in the emirate, warning investors that the platform is not authorized to serve Dubai residents.
In a Thursday 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 from 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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