Dubai’s digital belongings regulator mentioned cryptocurrency exchange KuCoin has been working with out the required regulatory approvals and licensing, and should stop and desist from serving shoppers in the area.
“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,” the Virtual Assets Regulatory Authority (VARA) mentioned in a press release.
“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,” the regulator added, advising shoppers and buyers in Dubai to keep away from participating with Kucoin.
The alert comes simply weeks after Austria’s monetary regulator prohibited the European arm of KuCoin from conducting new enterprise and onboarding prospects due to a scarcity of acceptable compliance workers.
A number of months earlier, Austria’s finance regulator, FMA, granted KuCoin a Markets in Crypto Assets (MiCA) allow to function throughout the European Union.
KuCoin, a Seychelles-based cryptocurrency exchange based in China in 2017, is now one of many largest offshore crypto platforms, ranked in the top 10 by trading volume.
“Regulatory frameworks for digital assets are developing rapidly across many jurisdictions, and regulators are increasingly clarifying their expectations for the industry,” a KuCoin spokesperson mentioned. “KuCoin respects applicable laws and regulatory processes globally and maintains a cooperative approach with regulators while supporting the development of a responsible digital asset ecosystem.”
UPDATE (March 5, 09:58 UTC): Adds KuCoin remark in final paragraph.
