VARA Dubai alerts consumers against using MEXC crypto exchange
Dubai’s Virtual Assets Regulatory Authority (VARA) has issued an alert against using MEXC Estonia OÜ and MEXC Global LTD (commercially advertising as “MEXC”), as MEXC is offering virtual asset services or crypto services without the appropriate license.
According to VARA, MEXC does not hold any license 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.
Unlike its announcement about Kucoin where VARA ordered a cease and desist order, in the case of MEXC it did not mention this in its alert. VARA only advised consumers and investors in Dubai to avoid engaging with MEXC for the purpose of Virtual Asset services, and to exercise caution when considering interactions with unregulated entities.
It reaffirmed that engaging with unlicensed companies that are not in compliance with VARA Regulations, associated Rulebooks, and relevant UAE legislation exposes users to significant financial risks and potential legal consequences for violating regulatory requirements, or criminal laws.
In accordance with Dubai Law No. (4) of 2022 and Cabinet Resolution No. 111/2022, all Virtual Asset service providers must be licensed to operate legally in this jurisdiction. MEXC does not meet these legal requirements and is not authorised to provide any Virtual Asset services in/ from Dubai.
