PANews reported on March 6th that, according to Cryptopolitan, the Dubai Virtual Asset Regulatory Authority (VARA) has issued a market alert against the KuCoin exchange. VARA stated that KuCoin was providing virtual asset services to Dubai residents without obtaining the necessary regulatory approvals and by misrepresenting its license status. The company has been ordered to cease all unlicensed virtual asset and crypto activities.

VARA emphasizes that KuCoin does not hold any licenses in or from Dubai to provide virtual asset services. Under Dubai law, all virtual asset service providers must obtain a license to operate legally within the jurisdiction. The regulator warns that unlicensed companies, by failing to comply with VARA regulations, will expose consumers to significant financial risks and legal consequences.