Overview
- VARA named Phoenixfin Pte Ltd, MEK Global Limited, Peken Global Limited and KuCoin Exchange EU GmbH, instructing them to stop all unlicensed virtual asset activities in or from Dubai.
- The regulator said KuCoin holds no licence in the emirate and prohibited any promotion, advertising or solicitation related to the platform.
- A public advisory urged Dubai residents to avoid using KuCoin, warning of significant financial risks and potential legal consequences when dealing with unapproved firms.
- KuCoin said it operates via distinct regional entities and stated its EU unit is MiCAR‑regulated for the EU market, does not accept non‑EU users and does not market outside that area.
- The alert closely follows Austria’s FMA decision to bar KuCoin’s European arm from taking on new business despite an earlier MiCA authorization.