Dubai regulator orders KuCoin to stop unlicensed crypto activities

Dubai’s Virtual Assets Regulatory Authority #VARA has ordered several entities operating under the #KuCoin brand to immediately halt virtual asset activities in the emirate, stating the exchange lacks the required authorization.

The regulator identified Phoenixfin Pte Ltd, MEK Global Limited, Peken Global Limited, and KuCoin Exchange EU GmbH as operating without licenses required under Dubai’s virtual asset regulations.