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Dubai authorities have prohibited the operations of the cryptocurrency exchange KuCoin., 2026/03/06 16:12:06
The Dubai Virtual Assets Regulatory Authority (VARA) has announced that the cryptocurrency exchange KuCoin and its associated entities are operating in the emirate without the necessary license. The agency has demanded that the American trading platform immediately cease its virtual asset operations.
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The regulator has focused on four legal entities: Phoenixfin Pte, MEK Global, Peken Global, and Kucoin Exchange EU, which operate under the KuCoin brand. These companies are providing services to Dubai residents without authorization and, according to the agency, are misleading individuals regarding their licensed status.
KuCoin lacks a license to offer virtual asset services not only in Dubai but throughout the United Arab Emirates (UAE). Any promotional activities for the platform—including advertising, marketing, and service offerings to local users—have not been approved by the authorities. KuCoin’s operations have been deemed in violation of local laws, which have mandated that virtual asset operators obtain a license since 2022.
VARA officials have cautioned investors about the risks associated with engaging with unlicensed crypto platforms. According to VARA, such activities could result in not only financial losses but also legal repercussions, including violations of criminal law.
The actions of the Dubai regulator followed closely after measures taken by the Austrian Financial Market Authority (FMA). In February, the agency restricted the acquisition of new clients by KuCoin’s European division, citing violations of anti-money laundering (AML) requirements. Representatives of KuCoin’s European division stated that the company voluntarily suspended the registration of new users in the EU and certain trading operations to align its business processes with local regulations.
Previously, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed the largest fine in its history on Peken Global, the parent company of KuCoin. The penalty amounts to CAD 19.6 million (nearly USD 14.09 million).
