Regulatory notice (fines)
VARA notice of fines — MX Global Ltd (MEXC)
AI summary
The notice focuses on unlicensed activity directed at the Dubai market.
It follows an earlier investor and marketplace alert about the same operator.
Who this applies to: Offshore trading platforms, compliance and legal teams, and payment and banking partners
Implementation status: Regulatory notice (fines)
- Assess VARA jurisdiction by customer base rather than incorporation.
- Continuing activity after an alert aggravates penalties.
- Banking and payment partners monitor public enforcement records.
Contents
Enforcement Notices
VARA Notice of Fines – MX Global LTD (“MEXC”)
The Virtual Assets Regulatory Authority (“VARA”) is issuing this Notice of Fines in relation to enforcement actions taken against MX Global LTD, commercially operating as MEXC (the “Entity”). It follows VARA’s earlier Investor and Marketplace Alert of 5 March 2026 concerning the Entity.
Following investigations led by VARA, the Entity was found to be providing Virtual Asset (“VA”) Broker- Dealer and/or Exchange Services to customers in Dubai without obtaining the necessary licence from VARA during the period from 2022 to April 2026. Additionally, the Entity was found to have onboarded users without meeting the Know-Your-Customer (“KYC”) obligations required under UAE law.
VARA considers these activities to be in breach of Federal Decree-Law No. (10) of 2025 Regarding Anti- Money Laundering and Combating the Financing of Terrorism and Proliferation Financing, Dubai Law No. (4) of 2022 Regulating Virtual Assets in the Emirate of Dubai, Cabinet Resolution No. 111/2022 Regulating Virtual Assets and the Related Service Providers, and the VARA Regulations and Rulebooks.
As a result of the aforementioned breaches, VARA has imposed enforcement measures and financial penalties against the Entity and has directed it to immediately cease and desist from all unlicensed Virtual Asset activities in or from Dubai.
For clarification, the relevant legal entity fined in connection with the provision of unlicensed VA services in Dubai is exclusively MX Global LTD. The remaining legal entities associated with the Entity, identified in the Investor and Marketplace Alert issued on 5 March 2026, were not targeted by this enforcement action.
The Entity fully cooperated with VARA throughout the process and fully complied with VARA’s Cease- and-Desist Orders. The Entity has expressed its intention to enter VARA's licensing process, with a view to obtaining a licence and, subject to the necessary approvals, serving customers in the UAE.
The above has been published on a non-reliance basis for market awareness and consumer information purposes only, in accordance with VARA’s function as the competent authority to regulate, license, supervise, and oversee Virtual Asset services in the Emirate of Dubai. This includes, but is not limited to, exercising its powers to monitor and enforce against any breach of VARA’s regulations or other wrongdoing. This notification is not a substitute for investors’ own due diligence and does not constitute any form of professional or legal advice.
VARA is the competent authority for regulating, supervising, and overseeing Virtual Asset services in the Emirate of Dubai, excluding the Dubai International Financial Centre (DIFC).
Download Notices
VARA Notice of Fines – MX Global LTD (“MEXC”)
Official English source text captured for the public library.