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.
