Dubai VARA orders KuCoin-branded entities to stop unlicensed virtual asset services

Dubai's Virtual Assets Regulatory Authority on Thursday ordered four entities operating under the KuCoin brand to halt all virtual asset services in or from Dubai, citing a lack of required authorization under Law No. (4) of 2022 and Cabinet Resolution No. 111/2022. The regulator also stated that KuCoin's promotions and advertising had not been approved and warned residents against engaging with the exchange. Austria's Financial Market Authority separately barred KuCoin's European unit from new business despite an existing MiCA license, due to missing compliance staff.