Crypto Exchange OPNX Faces Scrutiny from Dubai
Main page News, Asia, Cryptocurrency Exchanges, Regulations

OPNX, a trading platform of bankruptcy claims, has faced another round of backlash, this time from Dubai's Virtual Assets Regulatory Authority (VARA). The regulator says the platform is offering services without any registration.

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

As a result, VATA issued a written reprimand to OPNX's founders — Mark Lamb, Sudhu Arumugam, Kyle Davies and Su Zhu — as well as the platform's head Leslie Lamb, who recently publicly criticized investors after they denied any dealing with the exchange.

VARA said it is continuing to actively monitor the situation and investigate OPNX's activity to assess "further corrective measures that may be required to protect the market."

Three Arrows Capital Founders Raised Money for New Startup: Report

OPNX was co-founded by disgraced entrepreneurs behind the now-collapsed Three Arrows Capital. The hedge fund reportedly owes its creditors a whooping $2.8 billion as its legal battle with liquidators continues in the US.

Its list of creditors includes such giants as BlockFi, Celsius Network, BitGo, Algorand, CoinList, Galaxy Digital, DCG and many others. What is noteworthy is that the fund's Co-Dounder Su Zhu was also listed among creditors and has even filed a claim for $5 million.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

Read also:
Please describe the error