Dubai Orders Crypto Exchange KuCoin to Stop Offering Services to Residents
Dubai’s Virtual Assets Regulatory Authority (VARA) has ordered Kucoin Exchange EU Gmbh (Kucoin) to cease all operations in Dubai due to operating without a license. VARA stated that Kucoin may have been providing digital asset services to Dubai residents without regulatory approval and misrepresenting its licensing status. The regulator warned investors of significant financial risks in dealing with unlicensed companies and advised against using Kucoin. In response, Kucoin said it operates in compliance with the EU’s MiCAR regulations, does not accept non-EU users, and respects all relevant laws and regulatory processes globally. It remains unclear if Kucoin will seek regulatory approval in Dubai. Previously, VARA issued a warning to crypto exchange MEXC for similar reasons, though MEXC was not ordered to cease operations.
