Dubai’s Virtual Assets Regulatory Authority takes enforcement action against MX Global

The Virtual Assets Regulatory Authority (VARA) has issued a notice of fines against MX Global LTD, which operates commercially as MEXC, following an investigation into unlicensed virtual asset activities.

VARA’s enforcement action stems from an earlier Investor and Marketplace Alert issued on 5 March 2026 concerning the entity.

According to VARA, between 2022 and April 2026, MX Global provided Virtual Asset broker-dealer and exchange services to Dubai customers without the required license, and onboarded users without meeting Know-Your-Customer obligations under UAE law.

VARA determined these activities violated Federal Decree-Law No. 10 of 2025 on anti-money laundering and counter-terrorism financing, Dubai Law No. 4 of 2022 regulating virtual assets, Cabinet Resolution No. 111/2022, and VARA’s own regulations.

As a result, VARA imposed financial penalties on MEXC and ordered it to cease all unlicensed virtual asset operations in or from Dubai.

The regulator clarified that the only entity fined was MX Global LTD, and that other legal entities named in the March 5 alert were not subject to this enforcement.

MX Global fully cooperated with VARA throughout the process and complied with the cease-and-desist order.

The company has indicated its intention to pursue licensing with VARA to serve UAE customers pending regulatory approval.