The Dubai Virtual Assets Regulatory Authority (VARA) has mandated the cryptocurrency exchange KuCoin, as well as its affiliates, to cease providing services in the country. The platform does not have a license, according to the authority's statement.
Who has been banned:
The following counterparties have been banned: Phoenixfin Pte Ltd, MEK Global Limited, Peken Global Limited, and Kucoin Exchange EU Gmbh. All of them operate under the KuCoin brand, as stated by VARA.
It was also emphasized by management that cooperation with unlicensed service providers who do not comply with VARA regulations poses risks โ both financial and legal.
What is prohibited
Companies are prohibited from offering their services and products in the virtual assets sector, as well as promoting them in Dubai or among the residents of the emirate. The status of the counterparty can be checked on the official website of the regulator.
Reminder:
Previously, KuCoin faced a similar accusation in the USA. The platform operator agreed to settle the case by paying $300 million.
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