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Dubai cryptocurrency regulatory authority states that KuCoin exchange is functioning without the necessary license and must cease operations.
The VARA notification arrives only weeks after Austria’s financial authority barred the European division of KuCoin from initiating new operations.
KuCoin screen on a mobile phone. (Shutterstock modified by CoinDesk)
Key points:
- VARA, the regulatory authority for digital assets in Dubai, indicated that cryptocurrency exchange KuCoin is functioning without the required regulatory approvals and licensing.
- Any promotion, advertising, or solicitation pertaining to KuCoin has not received VARA’s approval, and consumers are advised to refrain from using the exchange.
The regulatory authority for digital assets in Dubai stated that cryptocurrency exchange KuCoin has been functioning without the requisite regulatory approvals and licenses and must halt operations for clients in the region.
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“KuCoin does not possess any license to offer virtual asset services in/from Dubai. Consequently, any activities regarding Virtual Assets promoted or executed by this company violate the VARA Regulations,” the Virtual Assets Regulatory Authority (VARA) declared in a statement.
“All promotion, advertising, or solicitation connected to KuCoin has not been sanctioned by VARA, and therefore the company is prohibited from providing, promoting, or marketing any Virtual Asset products or services in Dubai or to its inhabitants,” the regulator further stated, advising consumers and investors in Dubai to avoid interactions with KuCoin.
This alert follows shortly after Austria’s financial authority prohibited the European segment of KuCoin from initiating new business and onboarding clients due to insufficient compliance personnel.
Several months prior, Austria’s finance regulator, FMA, had granted KuCoin a Markets in Crypto Assets (MiCA) license to operate throughout the European Union.
KuCoin, a cryptocurrency exchange based in Seychelles and established in China in 2017, is now recognized as one of the largest offshore crypto platforms, ranked among the top 10 by trading volume.
