The crypto exchange of the founders of the bankrupt hedge fund 3AC – OPNX – received warning from the Dubai Virtual Assets Regulatory Authority (VARA).
On April 18, the regulator issued a written reprimand to co-founders Su Zhu, Kyle Davis, Mark Lamb, Sudhu Arumugam and CEO Leslie Lamb for operating in the emirate without a mandatory license, according to the statement.
VARA also accused them of marketing the trading platform and the native FLEX token.
The regulator noted that on February 27, it sent the organization and its founders a “cease and desist” order from establishing a company in Dubai. In March, the organization received an additional notice.
“VARA notes that certain restrictions were subsequently placed on the OPNX website for residents of the UAE. However, such measures were not fully applied to all communication channels of the exchange or advertising and marketing materials, which subsequently remained available to residents, ”the agency emphasized.
Authorities will continue to investigate OPNX activities “to assess further corrective action that may be required.”
For the first time, Davis and Zhu’s plans to raise $25 million to launch a cryptocurrency exchange with the active participation of representatives of the bankrupt CoinFLEX became known in January.
Later, Zhu announced the opening of a waiting list for admission to the platform. According to him, OPNX is a way “to atone for your past mistakes.” Many community members met the project with skepticism and indignation.
Recall that at the end of April, the head of the platform, Leslie Lamb, criticized investors who deny involvement in the crypto exchange.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
The crypto exchange of the founders of the bankrupt hedge fund 3AC – OPNX – received warning from the Dubai Virtual Assets Regulatory Authority (VARA).
On April 18, the regulator issued a written reprimand to co-founders Su Zhu, Kyle Davis, Mark Lamb, Sudhu Arumugam and CEO Leslie Lamb for operating in the emirate without a mandatory license, according to the statement.
VARA also accused them of marketing the trading platform and the native FLEX token.
The regulator noted that on February 27, it sent the organization and its founders a “cease and desist” order from establishing a company in Dubai. In March, the organization received an additional notice.
“VARA notes that certain restrictions were subsequently placed on the OPNX website for residents of the UAE. However, such measures were not fully applied to all communication channels of the exchange or advertising and marketing materials, which subsequently remained available to residents, ”the agency emphasized.
Authorities will continue to investigate OPNX activities “to assess further corrective action that may be required.”
For the first time, Davis and Zhu’s plans to raise $25 million to launch a cryptocurrency exchange with the active participation of representatives of the bankrupt CoinFLEX became known in January.
Later, Zhu announced the opening of a waiting list for admission to the platform. According to him, OPNX is a way “to atone for your past mistakes.” Many community members met the project with skepticism and indignation.
Recall that at the end of April, the head of the platform, Leslie Lamb, criticized investors who deny involvement in the crypto exchange.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
