VARA identified Phoenixfin Pte Ltd., MEK Global Ltd., Peken Global Ltd., and Kucoin Exchange EU GmbH as entities associated with the platform operating under the name Kucoin. Officials indicated the firms may be providing services to users in Dubai while allegedly misrepresenting their licensing status. The announcement states:
“The company has been instructed to cease and desist all unlicensed VA activities.”
“Kucoin does not hold any licence to provide Virtual Asset services in/from Dubai. Any activities related to Virtual Assets advertised or conducted by this company are therefore in breach of the VARA Regulations,” the regulator stressed.
VARA also warned that any promotion or solicitation connected to Kucoin has not received regulatory approval in Dubai. The announcement further states:
“VARA advises consumers and investors in Dubai to avoid engaging with Kucoin for the purpose of virtual asset services, and to exercise caution when considering interactions with unregulated entities.”
FAQ 🧭 Why did Dubai regulators warn investors about Kucoin? Dubai’s VARA says Kucoin-linked entities may be offering crypto services in the emirate without the required regulatory license. Does Kucoin currently have a license to operate in Dubai? VARA states that Kucoin does not hold authorization to provide virtual asset services in or from Dubai. What risks does this create for crypto investors in the UAE? Investors using unlicensed platforms may face reduced protections and higher regulatory or operational risks. How strict is the UAE’s crypto regulatory framework? The UAE uses multiple regulators across jurisdictions, with VARA overseeing virtual asset activity in Dubai.
