Cryptocurrency exchange OPNX, founded under the leadership of Zu Shu and Kyle Davies, founders of the bankrupt Three Arrows Capital (3AC), came to be condemned by a country’s regulatory agency.
In a recent statement by Dubai’s Virtual Assets Regulatory Authority (VARA), OPNX was declared an official reprimand for operating without the necessary licenses. This statement, which includes a written reprimand, said that OPNX’s activities will continue to be investigated to assess any further regulatory action that may be necessary.
Regulatory agency, OPNX founders of reprimand Mark Lamb And Sudhu Arumugam with CEO Leslie LambHe stressed that it was sent to In addition, the regulator sent a statement to OPNX executives in the past months. Dubai And United Arab Emirates demanded that they cease their activities.
VARA became aware that it was soliciting and collecting personal data from the public in order to participate in OPNX’s new exchange. VARA continues to actively monitor the situation and explore OPNX’s activities to evaluate further corrective action that may be necessary to protect the market.
OPNX, which has been at the center of discussions since the first day of its launch, a disappointing start performed well below expectations.