Dubai’s Virtual Assets Regulatory Authority (VARA) has ordered cryptocurrency exchanges MEXC and KuCoin to immediately stop all unlicensed activities within the region.
In a public statement, the regulator said that several entities operating under the KuCoin brand do not possess the necessary VARA license to provide virtual asset services in Dubai.
The authority identified companies including Phoenixfin Pte Ltd, MEK Global Limited, Peken Global Limited and KuCoin Exchange EU GmbH as operating illegally while advertising services under the KuCoin name.
VARA also warned investors that using unlicensed exchanges could expose them to financial risks and potential legal consequences. Although Dubai has positioned itself as a global hub for cryptocurrency innovation, the city maintains strict regulatory standards requiring firms to obtain licenses before operating.
In October 2025, VARA fined 19 companies between $27,000 and $163,000 each for conducting unlicensed crypto activities in the jurisdiction.
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