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- Kucoin has been ordered to cease unlicensed activities in the UAE.
- Kucoin will not be allowed to onboard new customers in the EU.
- Dubai’s VARA called on consumers to be diligent.
Dubai’s Virtual Asset Regulatory Authority (VARA) has issued a market alert against Kucoin Exchange, and Phoenixfin PTe Ltd MEK Global Limited, as well as Peken Global Limited, commercially advertising as Kucoin, given that Kucoin has been offering Dubai residents virtual asset services without being regulated in the country.
VARA noted that Kucoin has been providing these services without the necessary regulatory approvals and misrepresenting its licensing status. As a result, the company has been instructed to cease and desist from all unlicensed virtual asset and crypto activities.
Dubai piles on EU prohibition for KucoinÂ
VARA has also noted that Kucoin does not hold any license to provide virtual asset services in/from Dubai. According to VARA, unlicensed companies pose a risk to consumers because they are not compliant with VARA regulations and rule books, and this exposes consumers to significant financial risk, as well as legal consequences.
In accordance with Dubai Law No. (4) of 2022 and Cabinet Resolution No. 111/2022, all virtual asset service providers must be licensed to operate legally in this jurisdiction.
Although Kucoin in early 2026 received an EU Markets in Crypto Assets Regulation (MiCAR) license in Austria to operate as a crypto exchange, or what is known as a crypto asset service provider across the EU, in February 2026, the Austrian Financial Market Authority (FMA) prohibited KuCoin EU from onboarding new business due to breaches in anti-money laundering (AML) obligations.
Due to a lack of proper compliance staff, the Austrian regulator suspended new business activities for KuCoin EU in February 2026.
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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Lara Abdul Malak
Lara Abdul Malak is a tech journalist for more than 15 years. She covers blockchain, crypto, tokenization and Web3 news coming out of the MENA region. She wrote for Cointelegraph Arabic Middle East. She studied political science at the American University of Beirut. She got interested in blockchain after interviewing Vitalik Buterin in 2014.
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