The Virtual Assets Regulatory Authority (VARA) of Dubai today issued an alert in relation to Koto Crypto DMCC (commercially conducting transactions as “Koto Crypto”), a company using the domain name and claiming to be registered in the Emirate of Dubai.
The platform is conducting virtual asset activities accessible within the UAE without the necessary regulatory approval.
Koto Crypto is not appropriately licensed to provide virtual asset services in/from Dubai. Any activities related to virtual assets conducted on this platform are therefore not in compliance with VARA Regulations.
Engaging with unlicensed platforms that are not in compliance with VARA Regulations exposes users to significant financial risks and potential legal consequences for violating regulatory requirements, or criminal laws.
