Following the collapse of hedge fund company Three Arrows Capital (3AC), its founders, Kyle Davies and Su Zhu, went on to set up the OPNX exchange. However, recent development suggests that this new company may already be facing some challenges.
Dubai Regulators Come For OPNX
Dubai’s virtual assets regulator VARA (Virtual Assets Regulatory Authority), has issued monetary fines against OPNX and its founders. This comes following previous notices that the regulator had sent to the trading firm.
On May 2, the company was fined AED 10,000,000 ($2.7 million) by the regulator. OPNX’s founders – Kyle Davies, Su Zhu, and Mark Lamb – weren’t spared, as VARA issued a fine of AED 200,000 ($54,500) against each of them. The company’s CEO, Leslie Lamb, was also fined the aforementioned sum.
According to VARA, these fines resulted from the company’s violation of an order which regulates how companies market, advertise, and promote digital assets. In this case, OPNX failed to stream
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