Dubai’s crypto regulator has issued a strong warning to investors about using the crypto trading platform MEXC, saying the exchange is not licensed to operate in Dubai. Authorities are asking residents and businesses to be careful and always check whether a crypto platform is officially approved before using it.
The warning came from the Virtual Assets Regulatory Authority (VARA), the government body responsible for overseeing crypto activities in Dubai.
According to VARA, the companies MEXC Estonia OÜ and MEXC Global LTD, which operate under the name MEXC, do not hold a license to provide virtual asset services in Dubai or from within the country. Because of this, any activity linked to the exchange — including promotions, advertisements, or offering services to Dubai residents — is considered against local regulations.
The Dubai Virtual Assets Regulatory Authority has issued an Investor and Marketplace Alert regarding MEXC Estonia OÜ and MEXC Global LTD, commercially advertising as “MEXC”.
The entity does not hold a VARA licence to provide Virtual Asset services in or from Dubai. Any…— Virtual Assets Regulatory Authority (VARA) (@varadubai) March 6, 2026
VARA clearly stated that it has not approved any marketing or promotional activities related to MEXC, meaning the company is not allowed to promote or offer crypto products to people living in Dubai.
VARA Advises Investors to Check the Public Register
Dubai has been working hard to build a regulated crypto market, and authorities say following the rules is essential to protect investors.
VARA reminded the public that every legal virtual asset service provider must follow Dubai Law No. 4 of 2022 and Cabinet Resolution No. 111 of 2022, which set the rules for crypto companies operating in the emirate.
The regulator encouraged users to check VARA’s Public Register before opening accounts or investing money in any crypto platform. This register shows which companies are officially licensed to operate in Dubai.
Authorities warned that dealing with unlicensed platforms can expose users to serious financial risks, and in some cases, there could also be legal consequences. For this reason, VARA says investors should always confirm whether a company is properly regulated before trading or investing in digital assets.
KuCoin Also Faces Regulatory Warning
The warning did not stop with MEXC. On the same day, VARA issued a similar alert regarding the crypto exchange KuCoin and several companies connected to it.
These include:
Phoenixfin Pte Ltd
MEK Global Limited
Peken Global Limited
KuCoin Exchange EU GmbH
Authorities believe these companies may also be offering virtual asset services in Dubai without a proper license, which would violate the country’s crypto regulations. VARA emphasized that any advertising, promotion, or marketing related to KuCoin has not been approved, and users should be cautious before using the platform.
Regulatory Issues Around the World
The warning comes at a time when some crypto exchanges are facing regulatory challenges in different parts of the world.
For example, Austria’s Financial Market Authority (FMA) recently halted new business activities for KuCoin EU after the company failed to meet requirements related to anti-money laundering and sanctions compliance.
In Canada, reports also surfaced about a trader who has been unable to access around $2.8 million CAD stored on KuCoin for more than eight months, raising concerns among users. These situations highlight why regulators like VARA are tightening their oversight of crypto companies operating globally.
Dubai Strengthening Its Crypto Regulations
Dubai has positioned itself as one of the world’s leading hubs for crypto and blockchain companies. However, authorities say the goal is not just growth — it is also about maintaining a safe and transparent market. VARA continues to monitor international crypto platforms closely to ensure that companies offering services to Dubai residents follow the proper licensing process.
The regulator once again reminded residents to avoid unlicensed platforms such as MEXC and to always verify whether a company is officially approved through VARA’s Public Register before investing in virtual assets.
As the crypto industry continues to grow, regulators believe that awareness and verification are the best ways for investors to stay safe.
