VARA Dubai orders Kucoin to cease illegal crypto services in UAE

Dubai’s Virtual Asset Regulatory Authority (VARA) has issued a market alert against Kucoin Exchange, and Phoenixfin PTe Ltd MEK Global Limited, as well as Peken Global Limited, commercially advertising as Kucoin, given that Kucoin has been offering Dubai residents virtual asset services without being regulated in the country.

VARA noted that Kucoin has been providing these services without the necessary regulatory approvals and misrepresenting its licensing status. As a result, the company has been instructed to cease and desist all unlicensed Virtual asset, crypto activities.

VARA has also noted that Kucoin does not hold any license to provide Virtual Asset services in/from Dubai.

According to VARA unlicensed companies pose a risk to consumers because they are not complying to VARA regulations and rule books and this exposes consumers to significant financial risk, as well as legal consequences.

Although Kucoin in early 2026 received an EU Markets in Crypto Assets Regulation (MiCAR) license in Austria to operate as a crypto exchange or what is know as crypto asset service provider across the EU, in February 2026, the Austrian Financial Market Authority (FMA) prohibited KuCoin EU from onboarding new business due to breaches in anti-money laundering (AML) obligations.