Dubai’s crypto regulator warns KuCoin, to halt unlicensed operations as massive Bitcoin withdrawals signal possible large-scale market accumulation.
Dubai’s Virtual Assets Regulatory Authority (VARA) has warned Seychelles-based crypto exchange KuCoin to cease offering services to users in Dubai after determining the platform lacks the required regulatory license.
According to VARA, KuCoin is not authorized to provide virtual asset services in or from Dubai. The regulator said any such activity would breach the emirate’s crypto laws and ordered the exchange to “cease and desist” all related operations. Authorities also warned that promotions or advertisements tied to KuCoin in Dubai have not been approved.
The warning adds to mounting regulatory pressure. Austria’s financial watchdog recently restricted KuCoin’s European arm from onboarding new clients due to compliance concerns. Meanwhile, on-chain analysts report unusually large withdrawals from exchanges. Roughly 32,000 Bitcoin left Bitfinex in a single day, worth about $2.2 billion. Analysts say such outflows often signal institutional accumulation and reduced selling pressure.
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