Open Exchange (OPNX), previously known as Coinflex, has announced its closure this February. Once a hub for crypto derivatives and claims trading, the platform is winding down its operations. In a recent communication, the OPNX team expressed gratitude to its community and outlined key dates for its user base.
According to the email, users must settle all positions by February 7, 8 a.m. UTC, before the platform steps in to automatically handle the remaining open positions. Furthermore, the window to withdraw funds and export historical data remains open until February 14.
OPNX’s Link to Regulatory Challenges
The decision comes amid a backdrop of regulatory challenges and controversies. Notably, OPNX, despite its efforts to navigate regulatory waters—including securing a VASP license from Lithuania to extend services across the EU—could not evade the shadows of its past associations.
The platform’s links to Kyle Davies and Su Zhu, the now-defunct Three Arrows Capital’s co-
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