{"id":193714,"date":"2023-11-15T04:11:57","date_gmt":"2023-11-14T22:41:57","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=193714"},"modified":"2023-11-15T04:11:57","modified_gmt":"2023-11-14T22:41:57","slug":"opyn-founders-exit-crypto-industry-following-cftc-regulatory-actions-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/opyn-founders-exit-crypto-industry-following-cftc-regulatory-actions-crypto-news\/","title":{"rendered":"Opyn founders exit crypto industry following CFTC regulatory actions – Crypto News"},"content":{"rendered":"
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On Nov. 14, Zubin Koticha and Alexis Gauba, the co-founders of Opyn, an Ethereum-based options trading platform, announced their decision to step down from their project and leave the crypto industry altogether.<\/p>\n

Zubin Koticha, co-founder at Opyn, wrote<\/a>:<\/p>\n

\n

\u201cHey Crypto Twitter \u2026 This one\u2019s a tough one. After the regulatory action against Opyn, [co-founder Alexis Gauba] and I have made the decision that we are leaving crypto. This is honestly really emotional for me and Alexis.\u201d<\/p>\n<\/blockquote>\n

Koticha\u2019s statement cited the recent regulatory actions from the Commodities and Futures Trading Commission (CFTC) as the primary reason for him and Gauba stepping down and exiting the crypto industry.<\/p>\n

The CFTC charged and simultaneously settled with three DeFi platforms, including Opyn, on Sept. 7<\/a>. It alleged that Opyn failed to register according to several rules and requirements and failed to adopt a customer identification program in compliance with the Bank Secrecy Act. The regulator also said that Opyn illegally offered leveraged and margined retail commodity transactions involving digital assets.<\/p>\n

It is unclear whether Koticha and Gauba were directly involved in the case, as the CFTC did not name any individuals involved with the company in its charges.<\/p>\n

Koticha said that Andrew J. Keone, head of research at Opyn, will serve as the company\u2019s CEO going forward. He emphasized Keone\u2019s history as an MIT engineer and experience as a Wall Street trader and described him as a de facto third co-founder.<\/p>\n

Co-founders had an extensive crypto presence<\/h2>\n

Opyn\u2019s two co-founders have maintained a broader presence in crypto since 2017. Koticha\u2019s LinkedIn page indicates that he is also the co-founder of Mechanism Labs, a blockchain research lab. He has additionally been involved with the blockchain project ThunderCore<\/a> and the University of California Berkeley\u2019s blockchain department.<\/p>\n

Gauba likewise held positions at the three above locations. She is also a co-founder of she256, a blockchain diversity and education nonprofit.<\/p>\n

Koticha and Gauba have stated that they have a new project underway, which appears to be unrelated to cryptocurrency, given their departure from the industry.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

On Nov. 14, Zubin Koticha and Alexis Gauba, the co-founders of Opyn, an Ethereum-based options trading platform, announced their decision to step down from their project and leave the crypto industry altogether. Zubin Koticha, co-founder at Opyn, wrote: \u201cHey Crypto Twitter \u2026 This one\u2019s a tough one. After the regulatory action against Opyn, [co-founder Alexis […]<\/p>\n","protected":false},"author":2,"featured_media":193715,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-193714","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/193714","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=193714"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/193714\/revisions"}],"predecessor-version":[{"id":193717,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/193714\/revisions\/193717"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/193715"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=193714"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=193714"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=193714"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}