- The letter was sent on April 18
- Regulator continues to monitor OPNX activity
Cryptocurrency exchange OPNX, owned by the founders of the collapsed 3AC fund, received an official reprimand from the Dubai cryptocurrency regulator for operating an unregulated platform. The Virtual Assets Regulatory Authority (VARA) also sent a letter to 3AC co-founders Ail Davis and Su Zhu and CEO Leslie Lemba.
The reprimand was issued on April 18, after the regulator issued two orders in February and March to suspend the exchange for residents of Dubai and the United Arab Emirates.
“VARA continues to actively monitor the situation and investigate OPNX activities to assess further corrective measures that may be required to protect the market,” the Dubai Virtual Assets Regulatory Authority said in a statement.
The release of the OPNX platform took place on April 4th. But the first news about the exchange appeared in January. The news about the launch of the exchange caused a mixed reaction in the community. Most users are wary of the project. On the first day after the launch, only two transactions were made on all spot and futures markets of the platform. The total amount for them was $1.26.
Exchange CEO Leslie Lemb attributed the lack of liquidity to the lack of internal market makers. At the same time, he does not want to resort to the help of an external administration of the resource.
At the end of April, OPNX published a series of posts in which, among other things, they revealed their investors. Interestingly, some of the firms denied ties to the exchange.