meta_id 3266833

On June 24, 2026, the Virtual Assets Regulatory Authority (VARA) issued a Notice of Fines against Peken Global Limited, operating commercially as KuCoin, for providing virtual asset (VA) broker-dealer and exchange services to customers in Dubai without obtaining the necessary licence from VARA. Following investigations, VARA determined that KuCoin breached Federal Decree Law No. (10) of 2025 Regarding Anti-Money Laundering and Combating the Financing of Terrorism and Proliferation Financing, Dubai Law No. (4) of 2022 Regulating Virtual Assets in the Emirate of Dubai, Cabinet Resolution No. 111/2022 Regulating Virtual Assets and the Related Service Providers, and VARA's Regulations and Rulebooks. The enforcement action relates to an Investor and Marketplace Alert VARA issued on March 5, 2026, concerning KuCoin's unauthorised activities. In response to these breaches, VARA imposed enforcement measures and financial penalties against Peken Global Limited and directed it to immediately cease and desist from all unlicensed virtual asset activities in or from Dubai. VARA noted that the entity fully cooperated throughout the investigation and complied with enforcement actions. KuCoin has expressed its intention to enter VARA's licensing process to obtain authorisation and serve customers in the United Arab Emirates, subject to necessary approvals. VARA clarified that the enforcement action targets exclusively Peken Global Limited. Other legal entities associated with KuCoin identified in the March 5, 2026 alert were not subject to this enforcement action. The notice emphasises that it is published for market awareness and consumer information purposes only and does not constitute professional or legal advice.