VARA issued an enforcement action against MEXC for operating unlicensed virtual asset services in breach of Dubai regulations, constituting a direct enforcement action against an unauthorized crypto-asset service provider.
The enforcement action targets unlicensed virtual asset service provision, which falls within crypto-asset payment services regulation and enforcement.
Specialism
VARA issued a formal warning notice against MEXC for operating without a licence in breach of Dubai virtual asset regulations, which constitutes a formal enforcement warning.
Low confidence — requires human review. While the warning relates to unlicensed virtual asset operations, the secondary tag reflects the regulatory supervision context, though MEXC is explicitly unlicensed rather than a supervised entity.
2026-03-09 14:37:51·kgurnani@vixio.com
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TITLE: Dubai's Virtual Assets Regulatory Authority Issues Warning Notice Against MEXC for Unlicensed Operations
BODY:
On March 5, 2026, the Virtual Assets Regulatory Authority (VARA) issued an investor and marketplace alert warning against MEXC Estonia OÜ and MEXC Global LTD (commercially advertising as "MEXC"), which operates via https://www.mexc.com/.
VARA determined that MEXC does not hold any licence to provide virtual asset services in or from Dubai and is therefore operating in breach of VARA Regulations. Under Dubai Law No. (4) of 2022 and Cabinet Resolution No. 111/2022, all virtual asset service providers must be licensed to operate legally in the jurisdiction. MEXC does not meet these legal requirements and is not authorised to provide any virtual asset services in or from Dubai or to its residents. Any promotion, advertising, or solicitation related to MEXC has not been approved by VARA.
Engaging with unlicensed companies that are not in compliance with VARA Regulations, associated rulebooks, and relevant United Arab Emirates legislation exposes users to significant financial risks and potential legal consequences for violating regulatory requirements or criminal laws. VARA advises consumers and investors in Dubai to avoid engaging with MEXC for virtual asset services and to exercise caution when considering interactions with unregulated entities.
Before engaging any firm, consumers should verify its status on VARA's Public Register of licensed and approved virtual asset service providers. Individuals aware of any entities engaging in unlicensed virtual asset activity should notify VARA at [email protected]. VARA is the designated authority responsible for regulating, supervising, and monitoring virtual asset activities in the Emirate of Dubai, excluding the Dubai International Financial Centre.