Dubai’s crypto regulator has issued a cease-and-desist order against cryptocurrency exchange KuCoin, warning that the platform may operate without proper authorization in the emirate.
KuCoin is a global cryptocurrency exchange founded in 2017. It provides spot trading, derivatives, staking and lending services, serving millions of users worldwide.
The Virtual Assets Regulatory Authority (VARA), which oversees crypto activity in Dubai, said on March 5 that exchanges and several related organizations may be offering virtual asset services to residents without the required license.
The regulator ordered the company to immediately stop all unlicensed activities targeting users in Dubai.
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VARA has identified a number of businesses linked to KuCoin, including Phoenixfin Pte Ltd, MEK Global Limited, Peken Global Limited, and KuCoin Exchange EU GmbH, as the powers that be providing Dubai residents with services without permission.
The companies operate under the KuCoin brand and advertise through the KuCoin.com website.
VARA said the exchange does not have a license to provide physical asset services within or in Dubai, making any related activities in violation of the emirate’s crypto laws.
Therefore any activity related to the Virtual Goods advertised or performed by this company violates the VARA Rules,” said the official in his statement.
Under Dubai Law No. 4 of 2022 and Cabinet Decision No.
VARA emphasized that any promotion, advertising or solicitation related to KuCoin was not approved by the regulator.
As a result, the company is not allowed to offer, advertise or market crypto-related products or services to Dubai residents.
VARA, established under Dubai’s crypto regulatory framework, is responsible for supervising and monitoring virtual asset activities throughout the emirate, except for the Dubai International Financial Center (DIFC).
Since its launch, the regulator has introduced a licensing system designed to ensure that crypto companies operate within the legal framework while protecting investors and maintaining market integrity.
VARA urged users to verify the regulatory status of crypto platforms before contacting them and recommended checking its official list of licensed virtual asset service providers (VASPs).
So far, Binance, Crypto.com, and OKX are among the few exchanges that have acquired VARA to operate in Dubai.
The crypto oversight comes at a time when the Middle East, particularly the United Arab Emirates, is facing a spate of drone and missile attacks from Iran since Feb. 28.
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This story was originally published by TheStreet on March 6, 2026, where it appeared first in the MARKETS category. Add TheStreet as a favorite source by clicking here.
