Dubai’s Virtual Assets Regulatory Authority (VARA) has ordered crypto exchanges MEXC, KuCoin, and their affiliates to immediately cease all “unlicensed” activity in the region. 

In a public statement, the regulator said that MEXC affiliates do not hold a VARA license. It also warned investors that engaging with the exchange exposes them to financial risk and legal consequences. 

Source: X/VARA 

Interestingly, the Friday warning against MEXC followed a similar move against KuCoin. On Thursday, the agency issued a stern warning to KuCoin and its users in the region. 

“VARA advises consumers and investors in Dubai to avoid engaging with Kucoin or the purpose of Virtual Asset services, and to exercise caution when…