The Virtual Assets Regulatory Authority (VARA) has issued a notice of fines in relation to enforcement actions taken against MX Global LTD, commercially operating as MEXC.

It follows VARA’s earlier Investor and Marketplace Alert of 5 March 2026 concerning MEXC.

Following investigations led by VARA, the entity was found to be providing Virtual Asset (VA) Broker- Dealer and/or Exchange Services to customers in Dubai without obtaining the necessary licence from VARA during the period from 2022 to April 2026. Additionally, the Entity was found to have onboarded users without meeting the Know-Your-Customer (KYC) obligations required under UAE law.

VARA considers these activities to be in breach of Federal Decree-Law No. (10) of 2025 Regarding Anti- Money Laundering and Combating the Financing of Terrorism and Proliferation Financing, Dubai Law No. (4) of 2022 Regulating Virtual Assets in the Emirate of Dubai, Cabinet Resolution No. 111/2022 Regulating Virtual Assets and the Related Service Providers, and the VARA Regulations and Rulebooks.

As a result of the aforementioned breaches, VARA has imposed enforcement measures and financial penalties against MEXC and has directed it to immediately cease and desist from all unlicensed Virtual Asset activities in or from Dubai.

For clarification, the relevant legal entity fined in connection with the provision of unlicensed VA services in Dubai is exclusively MX Global LTD. The remaining legal entities associated with the entity, identified in the Investor and Marketplace Alert issued on 5 March 2026, were not targeted by this enforcement action.

The Entity fully cooperated with VARA throughout the process and fully complied with VARA’s Cease- and-Desist Orders. The Entity has expressed its intention to enter VARA’s licensing process, with a view to obtaining a licence and, subject to the necessary approvals, serving customers in the UAE.

VARA is the competent authority for regulating, supervising, and overseeing Virtual Asset services in the Emirate of Dubai, excluding the Dubai International Financial Centre (DIFC).