Dubai’s Virtual Assets Regulator Cracks Down on MKAN Coin for Illegal Operations

• VARA issues warning about unlicensed MKAN Coin platform in Dubai.
• VARA suspends the MKAN Coin platform for operating without regulatory approval. 
• It urged consumers to avoid engaging with unlicensed services due to significant risks.

The Virtual Assets Regulatory Authority (VARA) of Dubai has issued an official alert regarding the company MKAN Coin DMCC. In a statement on the official VARA website, they cautioned that MKAN Coin has been operating in the UAE without the right regulatory approval.

The company has been advertising virtual asset services as available in Dubai, even though it doesn’t have the licenses it needs.

Users at Risk from Unlicensed Operations

VARA made it clear that MKAN Coin is not allowed to provide virtual asset services in or from Dubai. This means they are breaking VARA rules. The platform’s services are considered illegal in Dubai, which puts users who use it at serious risk.

These risks cover possible financial losses, legal trouble, and breaking criminal laws by dealing with an unregulated platform.

Related: Dubai’s VARA: Striking the Right Balance in Crypto Regulation

VARA’s Legal Framework and Consumer Protec…

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