Dubai Regulator Orders KuCoin to Halt Operations Due to Licensing Issues
- The Virtual Assets Regulatory Authority (VARA) announced that KuCoin is operating without a license in Dubai.
- KuCoin must cease all activities related to virtual assets in the region immediately.
- This decision follows Austria’s financial regulator prohibiting KuCoin’s European arm from onboarding new customers due to compliance issues.
- KuCoin was previously granted a Markets in Crypto Assets (MiCA) permit by Austria’s FMA, allowing it to operate across the EU.
- Founded in China in 2017, KuCoin is now one of the largest offshore cryptocurrency exchanges globally.
The VARA has advised consumers and investors in Dubai to avoid engaging with KuCoin, as its operations are deemed illegal under local regulations. This regulatory action reflects increasing scrutiny on cryptocurrency exchanges worldwide.
As of now, KuCoin is required to stop all services in Dubai following VARA’s directive, highlighting ongoing regulatory challenges faced by crypto platforms like KuCoin.(Source)
