According to Foresight News , the Virtual Asset Regulatory Authority (VARA) of Dubai has issued an investor warning stating that KuCoin (involving Phoenixfin Pte Ltd, MEK Global Limited, Peken Global Limited, and Kucoin Exchange EU GmbH) is providing virtual asset services to Dubai residents without regulatory approval and is misleading regarding its licensing status. VARA has instructed the platform to cease all unauthorized activities. KuCoin currently does not hold a license to provide virtual asset services in Dubai, violating Dubai Law No. (4) of 2022 and Cabinet Resolution No. 111/2022. VARA advises investors to avoid contact with KuCoin to mitigate financial and legal risks.
Dubai VARA: KuCoin was found to be providing services to Dubai residents without a license and has been ordered to cease its illegal activities.
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