<\/p>\n
\t\t\t\t\t\t
<\/p>\n
It has come to light that Virtual Assets Regulatory Authority (VARA),\u00a0Dubai\u2019s crypto regulator, fined the OPNX exchange 10 million dirhams ($2.7 million) in May.<\/p>\n
On 16 August, VARA issued<\/a> a notice of fines imposed on OPNX. The regulator said that it fined the exchange for violating market regulations in the United Arab Emirates. The exchange has not paid the fine so far.<\/p>\n VARA also fined 200,000 dirhams ($54,000) to OPNX founders Kyle Davies, Su Zhu, Mark Lamb, and CEO Leslie Lamb. The regulator imposed these fines on the individuals for violating the marketing, advertising, and promotional laws of Dubai.<\/p>\n While the executives have paid the fines to the authorities, OPNX is yet to pay the fine.<\/p>\n The regulator said,<\/p>\n \u201cVARA shall determine consequential actions warranted against OPNX, which may include further fines, penalties, and\/or taking any actions necessary to recover payment and definitively remedy the behaviour including, but not limited to, referring the matter to any law enforcement agency(ies) or competent courts.\u201d<\/p>\n<\/blockquote>\n The founders of the defunct crypto asset hedge fund Three Arrows Capital (3AC) founded the OPNX exchange in April 2023. OPNX was previously known as CoinFlex. It first identified its financial backers on Twitter.<\/p>\n 1\/ As we approach the launch of claims for our first estate, Celsius, we\u2019d like to express gratitude to everyone who believed in our mission of helping 20M+ claimants.<\/p>\n A special thank you goes to our major investors, including AppWorks, Susquehanna (SIG), DRW, MIAX Group, China pic.twitter.com\/G406Y7Ponz<\/a><\/p>\n \u2014 \ud83d\udc02 OPNX (Open Exchange) (@OPNX_Official) April 21, 2023<\/a><\/p>\n<\/blockquote>\n Soon after, a number of them denied<\/a> the association with OPNX. OPNX CEO Leslie Lamb\u00a0called the conduct of DRW, MIAX and SIG \u201cdisgusting and disappointing.\u201d<\/p>\n I\u2019ve gotten all but 4 hours of sleep dealing with the nonsense that has ensued from transparent communications, so I\u2019ll get straight to it.<\/p>\n Investors want all the upside with little to no risk. But I\u2019m here to remind everyone that\u2019s not how entrepreneurship works, if it isn\u2019t\u2026<\/p>\n \u2014 Leslie Lamb (@therealleslamb0) April 22, 2023<\/a><\/p>\n<\/blockquote>\n On 16 August, OPNX shared on Twitter that its 24-hour trading volume hit $165 million. Its daily trading volume remained above $100 million for the last seven days.<\/p>\n Another day, another ATH of trading volume on OPNX \ud83d\udcc8\ud83d\udc02<\/p>\n $165M in trade volume in the last 24 hours & we\u2019ve broken $100M average volume over the last 7 days for the first time! \ud83e\udd73<\/p>\n Join the growing number of traders on OPNX by signing up today \u27a1\ufe0f https:\/\/t.co\/bz0PAeNy1X<\/a> pic.twitter.com\/4jnCu0Ckin<\/a><\/p>\n \u2014 \ud83d\udc02 OPNX (Open Exchange) (@OPNX_Official) August 16, 2023<\/a><\/p>\n<\/blockquote>\n But OPNX\u2019s reputation has continued to be under the radar as 3AC, the platform earlier founded by OPNX founders, left a long line of investors with huge losses.<\/p>\n As far as the UAE is concerned, the jurisdiction has enacted specified rules and regulations around the crypto sector.<\/p>\n\n
3AC\u2019s shadow haunts OPNX<\/h4>\n
\n
\n
\n