Dubai authority, Virtual Assets Regulatory Authority (VARA), fined OPNX exchange and its founders for respectively AED 10,000,000 and AED 200,000.
VARA issued a fine for OPEX, founded by 3AC founders, on 2 May 2023, 10 million dirhams ($2.7 million), which is still unpaid. While it fined OPNX founders Su Zhu, Kyle Davies, Mark Lamb, and CEO Leslie Lamb 200,000 dirhams ($54,451), which has been paid by them.
In April, VARA had already reprimanded 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. Following that notice, VARA has issued these fines.
In light of the company’s unpaid fine, “VARA shall determine consequential actions warranted against OPNX, which may include additional fines, penalties, and/or taking any actions necessary to recover payment and definitively remedy the behavior,” mentioned in the statement.