The Virtual Assets Regulatory Authority (VARA) of Dubai has reprimanded Three Arrows Capital (3AC) co-founders Zhu Su and Kyle Davies, alongside OPNX founders Mark Lamb and Sudhu Arumugam, and CEO Leslie Lamb for violating regulatory licenses related to their new OPNX crypto exchange.
VARA issued a written reprimand to these individuals for promoting and operating OPNX without obtaining the necessary license from Dubai authorities.
The reprimand was issued two weeks ago, and while further investigations are underway, the authorities are warning the public to exercise caution in dealing with the exchange.
This warning follows the launch of OPNX’s exchange on April 4, 2023, and the issuance of an Investor and Marketplace Alert by VARA, which is currently undertaking further due diligence to determine appropriate measures.
Leslie Lamb has denied any wrongdoing by the crypto exchange and claims that no UAE-based customers have registered with the firm. Furthermore, she argues that OPNX has not targeted Dubai or the wider UAE in its marketing efforts.
However, VARA is closely monitoring the situation and may take further corrective action to protect the market if necessary.
While the cryptocurrency industry has seen rapid growth in recent years, regulatory compliance remains a significant challenge for many market players. As the sector continues to evolve and regulators worldwide grapple with its complexities, it is essential to ensure that all players adhere to the necessary regulations to protect investors and promote market stability.
