OPNX crypto platform reprimanded by Dubai regulator

OPNX an exchange focused on the debt purchase launched by the founders of 3AChas received several warnings of the VARA. The Regulatory Authority from Dubai reproaches its creators for having promoted the platform without holding the license local required.

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Unveiled earlier this year under the code name ‘GTX project’, the crypto OPNX by Su Zhu and Kyle Davies of the now defunct hedge fund Three Arrows Capital allows trading in receivables related to crypto companies in bankruptcy.

Last month, the Dubai regulator Virtual Asset Regulatory Authority (VARA) has “reprimanded” the creators of OPNX, which also includes the founders of troubled crypto exchange CoinFlex – Mark Lamb and Sudhu Arumugam – for exploiting and promoted their new platform without having the appropriate local licensereports this Tuesday Bloomberg.

The VARAwhich began licensing crypto exchanges last year through a lengthy multi-phase program, said it would continue to investigate OPNX and its activities.

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The warning received by OPNX in April already followed the receipt of two ‘cease and desist orders’ in February and March to promote their service to investors based in the UAE and specifically in the Emirate.

Leslie Lambthe head of OPNX, said that the platform had never promoted to Dubai or even in the United Arab Emirates. She added that the company was currently in discussions with the regulator.

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