• Dubai’s Virtual Asset Regulator Authority recently sent a reprimand letter to 3AC co-founders Kyle Davies and Su Zhu, as well as other co-founders of OPNX, for illegally promoting the crypto exchange in the UAE and Dubai.
• Between February and March, two cease-and-desist orders were sent to OPNX.
• Despite its backing from DRW, Susquehanna International Group (SIG), DRW, and venture capital firm Nascent, reports indicate that only $2 was traded on OPNX during its first 24 hours of operation.
Dubai Crypto Regulator Sends Reprimand Letter
Recently uncovered reports indicate that Dubai authorities have reprimanded 3AC co-founders for illegally promoting the OPNX exchange. 3AC founders oversaw the fall of one of the largest crypto hedge funds last year. Reports indicate that Kyle Davies and Su Zhu were later engaged in founding another crypto-focused network, OPNX. However, based on recent reports, the 3AC co-founders and others who co-founded OPNX recently received a reprimand from Dubai crypto regulators.
Cease-and Desist Orders Sent to OPNX
The Virtual Asset Regulator Authority in Dubai sent a reprimand letter warning them of operating an unregulated crypto exchange and promoting it illegally in the UAE and Dubai. The reprimands were reportedly sent on April 18th Between February and March, regulators sent two cease-and desist orders to OPNX. The Virtual Assets Regulatory Authority (VARA) of Dubai released a statement saying: “VARA is continuing to actively monitor the situation and investigate OPNX’s activity to assess further corrective measures that may be required to protect the market.“
Founders Received Court Orders
More reports allege that other OPNX co-founders including Mark Lamb and Sudhu Arumugam also received a reprimand along with CEO Leslie Lamb . Both Zhu and Davies have been subject to several regulators’ questions in recent past. Other reports dictate that both Zhu and Davies recently received court orders for allegations associated with the fall of 3AC from U.S Virgin Islands regulators as well as British Virgin Island regulators.
OPNX Exchange Not Experiencing Success Yet
OPNX was created to capitalize on the failure of some crypto networks by helping investors recover funds instantly by trading their bankruptcy claims. It began with FTX CoinFLE X claims However , based on recent reports ,the exchange has yet to see any success .Reports indicate that only $ 2was traded during its first 24 hours life despite its large backing from DRW ,Susquehanna International Group (SIG), DRW ,venture capital firm Nascent .