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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.

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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.

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