The Dubai Virtual Assets Regulatory Authority (VARA) has issued a formal notice to the cryptocurrency exchange KuCoin, ordering the platform to immediately cease its unlicensed operations within the emirate. According to a statement from the regulator, KuCoin has been offering virtual asset services to Dubai residents without obtaining the mandatory regulatory approvals or licenses required by law. VARA emphasized that its primary mission is to ensure investor protection and maintain the integrity of the financial market, noting that any entity operating without authorization poses a significant risk to consumers. The exchange has been directed to stop all marketing activities and service offerings targeting the Dubai market. This enforcement action is part of a broader crackdown by Dubai authorities on non-compliant crypto firms as the region seeks to establish a transparent and strictly regulated environment for digital assets.
Source: Dubai regulator orders KuCoin to halt ‘unlicensed’ crypto services
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