<\/p>\n
Dubai\u2019s crypto regulator imposed a $2.7 million penalty on OPNX, a venture by Three Arrows Capital founders Kyle Davies and Su Zhu, for alleged violations in promoting virtual assets.<\/p>\n
The Virtual Asset Regulatory Authority (VARA) imposed the fine on May 2 and remains unpaid to date.\u00a0<\/p>\n
Additionally, Davies, Zhu, co-founder Mark Lamb and OPNX CEO Leslie Lamb were fined 200,000 Emirati dirhams ($54,451) for not adhering to marketing, advertising and promotion regulations. This latter fine has been settled, according to a notice<\/a> published Wednesday.\u00a0<\/p>\n Because the $2.7 million fine hasn\u2019t been settled, VARA mentioned it intends to take subsequent measures against OPNX. This could involve additional fines, penalties and measures to ensure payment is received.<\/p>\n Blockworks has reached out to OPNX CEO Leslie Lamb for comment.<\/p>\n Earlier in May, VARA called out the exchange<\/a> for allegedly advertising its platform without implementing adequate restrictions for Dubai locals.<\/p>\n Read more:<\/strong> Dubai reprimands 3AC founders\u2019 new crypto exchange<\/a><\/p>\n VARA became aware in February that OPNX was allegedly gathering personal data from the public.\u00a0<\/p>\n Consequently, the regulator handed a cease and desist directive to the OPNX founding team in April.<\/p>\n Despite implementing certain restrictions, it seemed that UAE residents continued to receive promotions and marketing messages from OPNX.<\/p>\n Reacting to the accusations, Leslie Lamb said OPNX launched in Hong Kong and that the exchange had implemented steps to block UAE residents from accessing and registering on the platform.<\/p>\n \u201cTo confirm, we have no Dubai or UAE customers and do full [know-your-customer checks] on all users,\u201d she earlier told Blockworks.<\/p>\n Get the day\u2019s top crypto news and insights delivered to your email every evening.\u00a0Subscribe to Blockworks\u2019 free newsletter<\/a>\u00a0now.<\/strong><\/p>\n Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can\u2019t-miss tweets and more from\u00a0Blockworks Research\u2019s Daily Debrief<\/a>.<\/strong><\/p>\n Can\u2019t wait? Get our news the fastest way possible.\u00a0Join us on Telegram<\/a>\u00a0and follow us on\u00a0Google News<\/a>.<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Dubai\u2019s crypto regulator imposed a $2.7 million penalty on OPNX, a venture by Three Arrows Capital founders Kyle Davies and Su Zhu, for alleged violations in promoting virtual assets. The Virtual Asset Regulatory Authority (VARA) imposed the fine on May 2 and remains unpaid to date.\u00a0 Additionally, Davies, Zhu, co-founder Mark Lamb and OPNX CEO […]<\/p>\n","protected":false},"author":2,"featured_media":137892,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-137891","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=137891"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137891\/revisions"}],"predecessor-version":[{"id":148270,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137891\/revisions\/148270"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/137892"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=137891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=137891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=137891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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