Dubai Regulator Orders KuCoin to Cease Unlicensed Crypto Ops

Dubai's Virtual Assets Regulatory Authority has ordered cryptocurrency exchange KuCoin and several affiliated entities to immediately cease all unlicensed virtual asset activities targeting residents of the emirate, citing violations of local licensing requirements.

The directive, announced on Thursday, targets KuCoin, a Seychelles-based platform founded in 2017 that provides spot trading, derivatives, staking, and lending services to millions of users globally. VARA stated that KuCoin does not hold the necessary authorization to offer virtual asset services in or from Dubai. The regulator identified four related companies—Phoenixfin Pte Ltd, MEK Global Limited, Peken Global Limited, and KuCoin Exchange EU GmbH—as potentially providing such services to Dubai residents without approval. These entities operate under the KuCoin brand and promote their offerings through the website KuCoin.com.

"Any activities related to virtual assets advertised or conducted by this company are therefore in breach of the VARA regulations," the authority said in its public alert. Under Dubai Law No. 4 of 2022 and UAE Cabinet Resolution No. 111 of 2022, all providers of virtual asset services must...