Dubai’s crypto regulator has issued a cease-and-desist order against cryptocurrency exchange KuCoin, warning that the platform may be operating without proper authorization in the emirate.
KuCoin is a global cryptocurrency exchange founded in 2017. It offers 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 the exchange and several related entities may have been offering virtual asset services to residents without the required license.
The regulator has instructed the company to immediately stop all unlicensed activities targeting Dubai users.
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Dubai regulator flags KuCoin’s licensing status
VARA identified multiple entities linked to KuCoin, including Phoenixfin Pte Ltd, MEK Global Limited, Peken Global Limited, and KuCoin Exchange EU GmbH, as potentially providing services to Dubai residents without approval.
The companies operate under the KuCoin brand and advertise through the website KuCoin.com.
VARA said the exchange does not hold a license to provide virtual asset services in or from Dubai, making any related activities a breach of the emirate’s crypto regulations.
“Any activities related to Virtual Assets advertised or conducted by this company are therefore in breach of the VARA Regulations,”the authority said in its statement.
Under Dubai Law No. 4 of 2022 and Cabinet Resolution No. 111/2022, all crypto service providers must obtain a license before offering services to users in the jurisdiction.
VARA emphasized that any promotions, advertising or solicitations related to KuCoin have not been approved by the regulator.
As a result, the company is not permitted to offer, promote or market crypto-related products or services to Dubai residents.
A KuCoin spokesperson told TheStreet Roundtable that the exchange operates through different entities that serve users in specific jurisdictions. They also noted that regulators may mention different entities in their notices, but each entity follows the rules that apply in its region.
"Regulatory frameworks for digital assets are developing rapidly across many jurisdictions, and regulators are increasingly clarifying their expectations for the industry. KuCoin respects applicable laws and regulatory processes globally and maintains a cooperative approach with regulators while supporting the development of a responsible digital asset ecosystem."
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Dubai reinforces strict crypto oversight amid war
VARA, established under Dubai’s crypto regulatory framework, is responsible for supervising and monitoring virtual asset activities across the emirate, excluding the Dubai International Financial Centre (DIFC).
Since its launch, the regulator has introduced a licensing regime designed to ensure crypto companies operate within a structured legal framework while protecting investors and maintaining market integrity.
VARA urged users to verify the regulatory status of crypto platforms before interacting with 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 received a nod from VARA to operate in Dubai.
The crypto oversight comes at a time when the Middle East, particularly the United Arab Emirates, has been experiencing a barrage of drone and missile attacks from Iran since Feb. 28.
Related: AWS outage hits Binance, KuCoin — withdrawals resumed
This story was originally published by TheStreet on Mar 6, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
