OPNX, a trading platform set up by the founders of the now-collapsed Three Arrows Capital (3AC), was disciplinarily reprimanded by Dubai's cryptocurrency regulator, the Virtual Assets Regulatory Authority (VARA). This comes after two previously ordered cease-and-desist notices issued to OPNX in February and March for operating a crypto exchange without a proper license had gone unaddressed. The VARA stated that punitive steps may be taken if the decisions are not obeyed.

The reprimand was directed at OPNX's Kyle Davies and Su Zhu, Mark Lamb, and Chief Executive Officer Leslie Lamb – all 3AC founders. The platform features a marketplace for investors to purchase bankruptcy claims from companies such as FTX and CoinFLEX, but has experienced lackluster success, having recorded less than $2 in trades during its first 24 hours of use.

Several of OPNX's supposed "big-name" investors such as Susquehanna International Group (SIG) as well as DRW and Nascent venture-capital firm have denied involvement. This past March, Kyle Davies and Zhu left themselves open to legal consequences when they failed to respond to court orders in both the British Virgin Islands and the US.

The VARA mandated that the aforementioned parties must conform to its regulations or face further corrective measures designed to protect the market. If the cease-and-desist directives are not followed, punitive action may be taken, according to the organization. It is yet to be seen what repercussions the platform and its founders will have to face for their alleged disregard of the law.



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