Dubai Regulator VARA Issues Cease and Desist Orders to 2 Crypto Exchanges
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VARA issued a formal cease-and-desist to centralized exchanges KuCoin and MEXC, alleging they provided virtual asset services to Dubai residents without required regulatory approvals and misrepresented their legal status. The action signals heightened regulatory enforcement and compliance risk for CEXs operating or marketing in Dubai, with potential impacts on user access, listings and market trust; keywords: crypto, CEX, regulation, VARA, Dubai, compliance, enforcement.
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The Virtual Asset Regulatory Authority (VARA), which is the main watchdog for cryptocurrency-related businesses in Dubai, has issued a formal cease and desist order to KuCoin and MEXC.
The regulator argued that it had come to its attention that the popular trading platforms “may be providing Virtual Asset activities to Dubai residents without the necessary regulatory approvals and misrepresenting” their legal statuses.
