Dubai Regulator VARA Issues Cease and Desist Orders to 2 Crypto Exchanges

The Virtual Asset Regulatory Authority (VARA), which is the main watchdog for cryptocurrency-related businesses in Dubai, has issued a formal cease and desist order to KuCoin and MEXC. The regulator argued that it had come to its attention that the popular trading platforms “may be providing Virtual Asset activities to Dubai residents without the necessary regulatory approvals and misrepresenting” their l…