Dubai Regulator Halts KuCoin's Unauthorized Operations

Dubai’s Virtual Assets Regulatory Authority (VARA) has issued a formal notice demanding that entities associated with the cryptocurrency exchange KuCoin immediately cease all unlicensed digital asset services. VARA explicitly stated that KuCoin has not obtained any legal licenses to provide virtual asset services in Dubai and is prohibited from offering any trading, promotion, or marketing services to local residents.

The regulator emphasized that all promotions, advertisements, or solicitations involving KuCoin are unapproved, and any virtual asset-related activities conducted within Dubai or targeting Dubai residents are in violation of regulations. VARA warned users that using unlicensed platforms could expose them to significant financial losses and even legal or criminal penalties. To protect investor rights, VARA urged Dubai users not to use unregistered platforms like KuCoin and advised them to verify whether relevant companies are listed on its officially published list of licensed service providers before engaging in any transactions. The public is also encouraged to report any suspected unlicensed operations directly to the regulatory authority. This regulatory action echoes Austria's recent move to freeze KuCoin's operations in the European Union. Previously, KuCoin's European team stated that it had proactively suspended new user registrations and certain trading functions and was actively adjusting its structure to restore compliance. As of press time, KuCoin has not issued a public response to the matter.