Dubai’s Virtual Assets Regulatory Authority (VARA) today issued an alert in relation to the company Phoenixfin Pte Ltd, MEK Global Limited, Peken Global Limited, and Kucoin Exchange EU Gmbh (commercially advertising as “Kucoin”), a company using the domain name https://www.kucoin.com/.

It has come to VARA’s attention that the company may be providing Virtual Asset services to Dubai residents without the necessary regulatory approvals and misrepresenting its licensing status. As a result, the company has been instructed to cease and desist all unlicensed VA activities.

Key Points for Investors and Consumers:

• Provision of VA services without the appropriate licence: Kucoin does not hold any licence to provide Virtual Asset services in/from Dubai. Any activities related to Virtual Assets advertised or conducted by this company are therefore in breach of the VARA Regulations.
• Potential Risks: Engaging with unlicensed companies that are not in compliance with VARA Regulations, associated Rulebooks, and relevant UAE legislation exposes users to significant financial risks and potential legal consequences for violating regulatory requirements, or criminal laws.
• Legal Framework: In accordance with Dubai Law No. (4) of 2022 and Cabinet Resolution No. 111/2022, all Virtual Asset service providers must be licensed to operate legally in this jurisdiction. Kucoin does not meet these legal requirements and is not authorised to provide any Virtual Asset services in/ from Dubai.

Any promotion, advertising, or solicitation related to Kucoin has not been approved by VARA, and the company is therefore not allowed to offer, promote, or market any Virtual Asset products or services in Dubai or to its residents.

VARA advises consumers and investors in Dubai to avoid engaging with Kucoin or the purpose of Virtual Asset services, and to exercise caution when considering interactions with unregulated entities.