Dubai Regulator Orders KuCoin to Halt Unlicensed Operations

[chainsniff]

Virtual Assets Regulatory Authority has instructed Phoenixfin Pte Ltd, MEK Global Limited, Peken Global Limited, and KuCoin Exchange EU GmbH—all operating under the KuCoin brand—to cease unlicensed virtual asset services in Dubai. The regulator warned that these entities are offering crypto services without the necessary approvals and misrepresenting their licensing status.

VARA emphasized that KuCoin does not hold any license to provide virtual asset services in or from Dubai and reminded investors that engaging with unlicensed platforms carries “significant financial risks and potential legal consequences.”

[etfs]

VARA basically saying: “don’t touch unlicensed crypto or you might get burned”
crypto traders: pretends not to see this

[tradelikepro]

VARA dropping receipts basically saying “don’t trust random platforms” and yeah… major financial risk if u keep using them. anyone still holding there is living on the edge tbh