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VARA advises UAE consumers to avoid using Coincashy. In an alert published on 29 November 2024, Dubai’s Virtual Assets Regulatory Authority said Coincashy Commercial Brokers L.L.C. was not appropriately licensed to provide virtual-asset services in or from Dubai and was not authorised to provide those services there. The company’s website describes ways to buy and sell crypto for cash, by card, and through bank payouts, but those marketing claims do not establish regulatory approval or current availability.
Is Coincashy licensed in Dubai?
No. VARA’s 29 November 2024 alert says Coincashy Commercial Brokers L.L.C., which conducts business as “Coincashy” and uses coincashy.com, is not appropriately licensed to provide virtual-asset services in or from Dubai and is not authorised to provide any such services there. VARA says Dubai Law No. 4 of 2022 and Cabinet Resolution No. 111/2022 require virtual-asset service providers to be licensed to operate legally in the jurisdiction. Read VARA’s Coincashy alert.
VARA also says Coincashy’s promotions, advertising, or solicitations have not been approved and are prohibited from offering, promoting, or marketing virtual-asset products or services in Dubai or to Dubai residents. The regulator warns of potential financial risks and legal consequences associated with unlicensed platforms. Its advice applies to UAE consumers: avoid using Coincashy.
What Coincashy says it offers
Coincashy’s older Dubai-facing website markets cash purchases and sales of cryptocurrency, card purchases, bank-deposit payouts, and over-the-counter (OTC) trades. These are the company’s claims, not confirmation that the services are currently available, safe, or authorised. Its page displays a 2022 copyright notice, which is not evidence of present-day operations, rates, or locations. Coincashy’s Dubai-facing website
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A separate Coincashy site describes on-ramp, off-ramp, and OTC services, claims support for more than 50 digital assets and multiple fiat currencies, and says availability depends on jurisdiction, onboarding, and partner approval. Those statements do not establish permission to serve Dubai. A website or service description does not override VARA’s specific alert about Coincashy Commercial Brokers L.L.C. in Dubai. Coincashy’s other website
The site’s FAQ also describes KYC and age requirements and makes claims about fees and processing times. They are company statements, not independently verified figures; they should not be treated as a reason to transact in Dubai contrary to VARA’s advice. Coincashy’s FAQ
How to check a crypto provider’s Dubai status
Use VARA’s public register to check the provider’s exact legal entity and whether its licence covers the service you need. The register distinguishes full licences from in-principle approvals (IPAs): an IPA holder may not begin virtual-asset activities or serve clients until it is fully licensed. A listing is evidence only for the entity and activity shown; it is not a general endorsement of every product or use case.
- Open VARA’s public register.
- Search for the provider’s legal entity, not just its trading name, and confirm that the entry is a full licence rather than an IPA.
- Check that the licensed activity matches what you intend to do, such as buying, selling, or arranging a particular virtual-asset service.
- Confirm the provider’s customer eligibility, supported assets and payment methods directly. Before any transaction with a licensed provider, verify the live fees, spread, payout timing, and limits; these can depend on the service and are not established by the register.
VARA’s unlicensed-provider page lists “COINCASHY COMMERCIAL BROKERS LLC” with the date 2024/08/23. The page says only entities licensed by VARA are authorised to offer virtual-asset services within Dubai. VARA’s unlicensed VASP list
The public register currently displays CoinMENA FZE as active for broker-dealer services. That is an example of the kind of status and activity a register entry can show—not an endorsement for every service or a recommendation for a particular transaction.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Can you cash out crypto in Dubai?
VARA’s warning is about Coincashy; it does not establish that every crypto cash-out service in Dubai is unauthorised. If you are considering another provider, verify its exact entity and relevant full VARA licence in the public register, then confirm that the provider serves customers like you and supports the payment route you need. Do not infer current cash availability, fees, limits, or settlement speed from a general website description.
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