Summary
- Dubai’s crypto regulator, the Virtual Assets Regulatory Authority (VARA), said it ordered cryptocurrency exchange KuCoin to suspend services related to crypto.
- VARA said KuCoin failed to obtain a licence required to provide crypto services in Dubai, exposing consumers to financial risks.
- KuCoin has also faced service restrictions in the European Union (EU), with Austria’s Financial Market Authority (FMA) banning it from onboarding new customers over breaches of anti-money laundering (AML) obligations.
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Dubai authorities in the United Arab Emirates (UAE) have ordered cryptocurrency exchange KuCoin to suspend services.
According to Cryptopolitan on the 5th (local time), Dubai’s crypto regulator, the Virtual Assets Regulatory Authority (VARA), recently instructed KuCoin to immediately halt crypto-related services. The move comes after KuCoin failed to obtain a licence required to provide crypto services in Dubai. VARA said “unlicensed operators do not comply with regulatory requirements, exposing consumers to financial risks.”
KuCoin has also faced service restrictions in the European Union (EU). Earlier, Austria’s Financial Market Authority (FMA) last month banned KuCoin from onboarding new customers, citing breaches of anti-money laundering (AML) obligations.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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