Dubai Virtual Assets Regulatory Authority (VARA) published a Consumer and Marketplace Alert on MKAN Coin DMCC, finding that it was advertising virtual asset activities accessible in the United Arab Emirates without the required regulatory approval. VARA instructed the firm to immediately cease all unlicensed virtual asset activities and issued a fine, while advising consumers and investors in the UAE to avoid using MKAN Coin. The notice identifies MKAN Coin DMCC as operating through www.mkancoin.com and advertising from an address on Sheikh Zayed Road in Al Wasl, Dubai. VARA stated the firm is not licensed to provide virtual asset services in or from Dubai and that any promotion, advertising, or solicitation related to MKAN Coin has not been approved, prohibiting the platform from offering, promoting, or marketing virtual asset products or services in Dubai or to its residents under Dubai Law No. 4 of 2022 and Cabinet Resolution No. 111/2022. VARA also warned that dealing with unlicensed platforms can expose users to significant financial risks and potential legal consequences, and noted that access to the website has been voluntarily suspended, with users encouraged to take measures to protect their assets.
Dubai Virtual Assets Regulatory Authority 2025-02-25
Dubai Virtual Assets Regulatory Authority warns on MKAN Coin and orders it to cease unlicensed virtual asset activities with a fine
The Dubai Virtual Assets Regulatory Authority (VARA) issued a Consumer and Marketplace Alert against MKAN Coin DMCC for advertising virtual asset activities in the UAE without approval. VARA ordered the firm to cease all unlicensed activities, imposed a fine, and advised consumers to avoid using MKAN Coin. The firm is not licensed under Dubai Law No. 4 of 2022 and Cabinet Resolution No. 111/2022, and VARA highlighted the financial and legal risks of engaging with unlicensed platforms.