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Dubai regulator issues alert over KuCoin-linked entities advertising crypto services

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Dubai regulator issues alert over KuCoin-linked entities advertising crypto services

Dubai’s virtual assets regulator has issued a public warning about several companies linked to the crypto exchange KuCoin, alleging they may have been promoting or providing services to residents without the required authorization.

Summary

  • Dubai’s VARA issued an alert naming Phoenixfin Pte Ltd, MEK Global Limited, Peken Global Limited, and KuCoin Exchange EU GmbH for allegedly advertising crypto services under the KuCoin brand without proper authorization.
  • VARA said the entities must stop all unlicensed virtual asset activities in or from Dubai, noting they do not hold a license to offer regulated crypto services in the jurisdiction.
  • The regulator cautioned that engaging with unlicensed platforms could expose users to financial and legal risks, urging investors to verify whether firms are listed on VARA’s official registry before using their services.

Dubai watchdog flags KuCoin-linked companies for unlicensed crypto activity

In a regulatory notice dated March 5, the Virtual Assets Regulatory Authority (VARA) named Phoenixfin Pte Ltd, MEK Global Limited, Peken Global Limited, and KuCoin Exchange EU GmbH, which it said are commercially advertising services under the KuCoin brand.

According to the regulator, the entities may have been offering virtual asset services to users in Dubai “without the necessary regulatory approvals” and may have misrepresented their licensing status in the jurisdiction.

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As a result, VARA has instructed the companies to “cease and desist all unlicensed VA activities” in or from Dubai.

The authority emphasized that the exchange does not hold a license to provide virtual asset services in or from Dubai, meaning any such activities would be in breach of local regulations governing crypto service providers.

Under Dubai Law No. (4) of 2022 and Cabinet Resolution No. 111/2022, all virtual asset service providers must obtain regulatory approval from VARA before offering services in the emirate.

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VARA also warned that interacting with unlicensed platforms could expose investors to “significant financial risks and potential legal consequences”, urging residents to verify whether companies are listed on the regulator’s public register before engaging with them.

The regulator further noted that any promotion, advertising, or solicitation related to KuCoin has not been approved, meaning the platform is not permitted to market or promote virtual asset products or services in Dubai.

Founded in 2017, KuCoin is a Seychelles-based cryptocurrency exchange that offers spot, derivatives and margin trading to users worldwide.

The alert is part of VARA’s broader effort to enforce its crypto regulatory framework and prevent unlicensed operators from targeting investors in the emirate.

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Crypto World

Curve Finance Warns PancakeSwap About Licensing Violation

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Decentralized Exchange, DeFi, PancakeSwap, Curve Finance

The team behind the Curve Finance decentralized finance (DeFi) platform accused the PancakeSwap decentralized exchange (DEX) of using its code without the proper licensing.

The code is tied to the “StableSwap” feature used for swapping stablecoins and “tightly-pegged” assets on PancakeSwap Infinity, the latest version of the PancakeSwap DEX.

“If you want to enjoy using stableswap without legal problems and to borrow some of our expertise to keep users SAFU, you still can contact us for licensing and collaboration,” the Curve team said on X.

Decentralized Exchange, DeFi, PancakeSwap, Curve Finance
Source: Curve Finance

In a separate post, Curve said “deep stableswap expertise” is needed to safely integrate swap features, and cited the 2022 hack of the Saddle Finance DEX and the $116 million hack of DeFi protocol Balancer in 2025 as examples of swap-based code exploits.

The PancakeSwap team said it would reach out to Curve Finance to discuss the issue. “Indeed, better to be friends and build together,” the Curve team responded.

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Cointelegraph reached out to both teams but did not receive a response by the time of publication.

The incident highlights the potential cybersecurity and legal issues that arise in decentralized finance as projects and protocols continue to iterate on products and expand features.

Related: Curve founder says DeFi must ditch token emissions for real revenue

PancakeSwap Infinity launches and goes cross-chain

PancakeSwap Infinity launched on the Arbitrum network and BNB Chain in April 2025, following the integration of one-click, cross-chain swaps that allow users to move digital assets between blockchain protocols.

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The updated DEX introduced “hooks,” smart contract plug-ins that customize parameters for liquidity pools, including dynamic fee structuring, tailored rebates and onchain limit orders that execute when preset conditions are met.

Decentralized Exchange, DeFi, PancakeSwap, Curve Finance
Different types of liquidity pools on PancakeSwap Infinity. Source: PancakeSwap

The upgrade also lowered pool creation fees by up to 99% and was built to accommodate different liquidity strategies, according to PancakeSwap.

In July 2025, PancakeSwap Infinity launched on Base, an Ethereum layer-2 (L2) scaling network, and touted up to 50% cheaper trading fees when Ether (ETH), the native token of the Ethereum layer-1 blockchain network, was traded against ERC-20 tokens.

ERC-20 is the token standard for most assets minted on Ethereum, including the gas and governance tokens of Ethereum L2s, memecoins, and other projects issuing tokens on Ethereum.

Magazine: MakerDAO’s plan to bring back ‘DeFi summer’ — Rune Christensen

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