The Dubai Virtual Assets Regulatory Authority (VARA) published an investor and marketplace alert regarding Phoenixfin Pte Ltd, MEK Global Limited, Peken Global Limited, and Kucoin Exchange EU GmbH, which commercially advertises as “Kucoin” using the domain https://www.kucoin.com/. VARA warned that the group may be providing virtual asset activities to Dubai residents without the required regulatory approvals and misrepresenting its licensing status, and instructed it to cease and desist from all unlicensed virtual asset activities. VARA stated that Kucoin does not hold any licence to provide virtual asset services in or from Dubai and that any related activities would therefore breach VARA regulations. It also warned that any promotion, advertising, or solicitation related to Kucoin has not been approved by VARA and that the company is not allowed to offer, promote, or market virtual asset products or services in Dubai or to Dubai residents. VARA referenced Dubai Law No. (4) of 2022 and Cabinet Resolution No. 111/2022 as requiring virtual asset service providers to be licensed to operate in the jurisdiction, and advised consumers to avoid engaging with Kucoin and to verify a firm’s status via VARA’s public register.
Dubai Virtual Assets Regulatory Authority 2026-03-05
Dubai Virtual Assets Regulatory Authority issues investor alert and cease and desist instruction to Kucoin entities for unlicensed virtual asset activity in Dubai
The Dubai Virtual Assets Regulatory Authority (VARA) issued an alert regarding Kucoin and associated entities, warning they may be conducting unlicensed virtual asset activities in Dubai. VARA clarified that Kucoin lacks the necessary licence to operate in or from Dubai and instructed the group to cease all unlicensed activities. Consumers are advised to avoid engaging with Kucoin and verify firm status through VARA's public register.