😱 UAE🇦🇪: the cryptocurrency exchange KuCoin has been banned from operating in Dubai

😱 UAE🇦🇪: the cryptocurrency exchange KuCoin has been banned from operating in Dubai

The Virtual Assets Regulatory Authority (VARA) has ordered the platform to cease operations in Dubai after determining that it was operating without the required license.

💞 VARA warned investors that working with unlicensed services may entail financial and legal risks… Advertising or promotion of KuCoin products in the Emirates was also not approved by the Authority.

💞 Blocked affiliated entities:

🔘Phoenixfin Pte Ltd
🔘MEK Global Limited
🔘Peken Global Limited
🔘Kucoin Exchange EU GmbH

💞 Context: the cryptocurrency exchange KuCoin was founded in China🇨🇳 in 2017, but due to restrictions introduced by the Chinese government against crypto companies, it relocated to Singapore🇸🇬 and later to the Seychelles🇸🇨. It currently ranks 8th in the Coinmarketcap ranking. During the last week, the platform was visited by more than 4.2 million users. Daily trading volume is 2.1 billion USD. The company has previously faced regulatory challenges in other jurisdictions for operating without the required licenses, including a recent ban in Austria 🇦🇹.

#news #middle_east #Europe #crypto

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