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<p class="is-style-lead">Dubai’s virtual assets regulator has issued a public warning about several companies linked to the crypto exchange KuCoin, alleging they may have been promoting or providing services to residents without the required authorization.</p><div id="cn-block-summary-block_e51021e4ae053a48d61322eba1ad0d03" class="cn-block-summary"><div class="cn-block-summary__nav tabs"><span class="tabs__item is-selected">Summary</span></div><div class="cn-block-summary__content"><ul class="wp-block-list"><li>Dubai’s VARA issued an alert naming Phoenixfin Pte Ltd, MEK Global Limited, Peken Global Limited, and KuCoin Exchange EU GmbH for allegedly advertising crypto services under the KuCoin brand without proper authorization.</li><li>VARA said the entities must stop all unlicensed virtual asset activities in or from Dubai, noting they do not hold a license to offer regulated crypto services in the jurisdiction.</li><li>The regulator cautioned that engaging with unlicensed platforms could expose users to financial and legal risks, urging investors to verify whether firms are listed on VARA’s official registry before using their services.</li></ul></div></div><h2 class="wp-block-heading" id="dubai-watchdog-flags-kucoin-linked-companies-for-unlicensed-crypto-activity">Dubai watchdog flags KuCoin-linked companies for unlicensed crypto activity</h2><p>In a regulatory notice <a href="https://www.vara.ae/en/regulations/regulatory-notices/vara-investor-and-marketplace-alert-phoenixfin-pte-ltd-mek-global-limited-peken-global-limited-and-kucoin-exchange-eu-gmbh-commercially-advertising-as-kucoin/" rel="noopener noreferrer nofollow">dated</a> March 5, the Virtual Assets Regulatory Authority (VARA) named Phoenixfin Pte Ltd, MEK Global Limited, Peken Global Limited, and KuCoin Exchange EU GmbH, which it said are commercially advertising services under the <a href="https://crypto.news/kucoin-partners-with-tadej-pogacar/" rel="noopener noreferrer nofollow">KuCoin brand</a>.</p><p>According to the regulator, the entities may have been offering virtual asset services to users <a href="https://crypto.news/trump-disclaims-uae-world-liberty-stake-weekly-recap/" rel="noopener noreferrer nofollow">in Dubai</a> “without the necessary regulatory approvals” and may have misrepresented their licensing status in the jurisdiction.</p><p>As a result, VARA has instructed the companies to “cease and desist all unlicensed VA activities” in or from Dubai.</p><p>You might also like: <a href="https://crypto.news/altseason-buzz-bottoms-santiment-says-thats-bullish/" rel="noopener noreferrer nofollow"> No one is talking about Altseason — Santiment says that could be bullish </a></p><p>The authority emphasized that the exchange does not hold a license to provide virtual asset services in or from Dubai, meaning any such activities would be in breach of local regulations governing crypto service providers.</p><p>Under Dubai Law No. (4) of 2022 and Cabinet Resolution No. 111/2022, all virtual asset service providers must obtain regulatory approval from VARA before offering services in the emirate.</p><p>VARA also warned that interacting with unlicensed platforms could expose investors to “significant financial risks and potential legal consequences”, urging residents to verify whether companies are listed on the regulator’s public register before engaging with them.</p><p>The regulator further noted that any promotion, advertising, or solicitation related to <a href="https://crypto.news/kucoin-enters-australia-with-new-sydney-headquarters-and-local-leadership/" rel="noopener noreferrer nofollow">KuCoin</a> has not been approved, meaning the platform is not permitted to market or promote virtual asset products or services in Dubai.</p><p>Founded in 2017, <a href="https://crypto.news/kucoin-gains-eu-wide-mica-approval/" rel="noopener noreferrer nofollow">KuCoin</a> is a Seychelles-based cryptocurrency exchange that offers spot, derivatives and margin trading to users worldwide.</p><p>The alert is part of VARA’s broader effort to enforce its crypto regulatory framework and prevent unlicensed operators from targeting investors in the emirate.</p><p>You might also like: <a href="https://crypto.news/cardano-price-prediction-ada-accepted-at-spar-stores/" rel="noopener noreferrer nofollow"> Cardano price prediction as ADA accepted at 137 Spar stores in Switzerland </a></p>

Dubai regulator issues alert over KuCoin-linked entities advertising crypto services

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