Dubai's virtual asset regulator, VARA, has ordered cryptocurrency exchange KuCoin to stop offering services to residents. The regulator stated that KuCoin is not licensed to operate in the emirate and warned consumers against using the exchange.
VARASaid the exchange may be providing virtual asset activities without necessary approvals. In response, KuCoin stated that its EU entity operates under EU regulations and does not serve non-EU users. The company also indicated its respect for global regulatory processes.
Separately, crypto exchange MEXC received a similar warning from VARA for offering services without proper authorization, though the notice did not include a cease and desist order.