Connect with us
Active Currencies 14447
Market Cap $2,688,398,910,126.60
Bitcoin Share 50.42%
24h Market Cap Change $0.05

Dubai crypto regulator fines OPNX $2.7 million for this offence

3min Read

VARA, Dubai’s crypto regulator, had fined OPNX $2.7 million in May for market offences. However, the exchange has not yet paid the fine.

Dubai crypto regulator fines OPNX $2.7 million for this offence

Share this article

  • VARA also fined $54,000 to OPNX leaders for violating advertising laws.
  • The individuals have paid the fines, unlike the exchange.

It has come to light that Virtual Assets Regulatory Authority (VARA), Dubai’s crypto regulator, fined the OPNX exchange 10 million dirhams ($2.7 million) in May.

On 16 August, VARA issued a notice of fines imposed on OPNX. The regulator said that it fined the exchange for violating market regulations in the United Arab Emirates. The exchange has not paid the fine so far.

VARA also fined 200,000 dirhams ($54,000) to OPNX founders Kyle Davies, Su Zhu, Mark Lamb, and CEO Leslie Lamb. The regulator imposed these fines on the individuals for violating the marketing, advertising, and promotional laws of Dubai.

While the executives have paid the fines to the authorities, OPNX is yet to pay the fine.

The regulator said,

“VARA shall determine consequential actions warranted against OPNX, which may include further fines, penalties, and/or taking any actions necessary to recover payment and definitively remedy the behaviour including, but not limited to, referring the matter to any law enforcement agency(ies) or competent courts.”

3AC’s shadow haunts OPNX

The founders of the defunct crypto asset hedge fund Three Arrows Capital (3AC) founded the OPNX exchange in April 2023. OPNX was previously known as CoinFlex. It first identified its financial backers on Twitter.

Soon after, a number of them denied the association with OPNX. OPNX CEO Leslie Lamb called the conduct of DRW, MIAX and SIG “disgusting and disappointing.”

On 16 August, OPNX shared on Twitter that its 24-hour trading volume hit $165 million. Its daily trading volume remained above $100 million for the last seven days.

But OPNX’s reputation has continued to be under the radar as 3AC, the platform earlier founded by OPNX founders, left a long line of investors with huge losses.

As far as the UAE is concerned, the jurisdiction has enacted specified rules and regulations around the crypto sector.

The regulating body, VARA, has acted against erring crypto platforms too. In July, VARA revoked the BitOasis’ license. It was the first crypto exchange to get an operating license in the UAE.

The regulator took enforcement action against the exchange as the latter failed to meet the required conditions set by the regulator within a deadline.

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.