Dubai’s Virtual Assets Regulatory Authority (VARA) has instructed KuCoin and its four affiliated entities to immediately cease all unlicensed virtual asset activities, as the exchange lacks the necessary authorization to operate in Dubai. This decision is rooted in Dubai Law No. (4) of 2022, which mandates that all virtual asset service providers must be licensed to operate legally. VARA also warned that engaging with unlicensed entities like KuCoin presents significant financial risks to consumers, advising residents to refrain from using their services. This action coincides with a regulatory restriction imposed on KuCoin’s European subsidiary by Austria’s Financial Market Authority due to compliance staffing deficiencies, despite the initial issuance of a Markets in Crypto Assets permit to operate across the EU.
Dubai regulator orders KuCoin to halt unlicensed crypto services
