Executives of decentralized finance (DeFi) protocol Opyn announced that they will resign following regulatory pressure.
Opyn co-founders announced their decision to resign. The U.S. Commodity Futures Trading Commission (CFTC) issued a decision last September to 3 different DeFi platforms, including Opyn. illegal leveraged trading on the grounds that they offer face thousands dollar punishment He had cut it. Opyn’s share of these penalties 250 thousand dollars had happened.
Zubin Koticha, CEO of the platform, dated November 14 in your posthis and other founding partners Alexis Gaubaannounced that they will leave the company. He is also currently Opyn’s head of research. Andrew LeoneHe said that he will take over as CEO.
Zubin Koticha included the following remarkable statements in the details of his social media post:
We joined crypto in 2017 because we wanted to build an inclusive, fair and open financial system. We’ve spent the last six years working on incredible things that would never be possible at TradFi; cutting-edge work at the forefront of structured products and derivatives. We thought we would spend the rest of our lives in crypto. But unfortunately and unexpectedly, it’s the end of the road.
In its statement at the time, the CFTC said, Opyn and Deridex using cryptocurrencies illegally leveraged individual commodity transactions Failure to register as a futures commission merchant (FCM) and failure to adopt a customer identification program as part of the Bank Secrecy Act compliance program as required by FCMs