Dubai’s Virtual Assets Regulatory Authority has issued a cease-and-desist order against cryptocurrency exchange KuCoin, warning the platform may be operating without the required licence in the emirate.
The regulator said the exchange and several associated entities may have been providing virtual asset services to Dubai residents without proper authorisation.
Authorities instructed the company to immediately halt any unlicenced activities targeting users in the jurisdiction.
“Any activities related to Virtual Assets advertised or conducted by this company are therefore in breach of the VARA Regulations,”
The regulator said in its statement.
VARA identified several entities linked to the exchange, including Phoenixfin, MEK Global, Peken Global and KuCoin Exchange EU, as potentially offering services without approval.
A KuCoin spokesperson said the company operates through multiple entities serving users in different jurisdictions and aims to comply with applicable laws and regulatory requirements globally.
Dubai’s crypto regulator urged residents to verify whether platforms are licenced before using them and noted that only a limited number of exchanges currently hold approval to operate in the emirate.