{"id":78166,"date":"2023-05-02T15:44:46","date_gmt":"2023-05-02T12:44:46","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=78166"},"modified":"2025-09-11T03:27:16","modified_gmt":"2025-09-11T00:27:16","slug":"opnx-given-warning-by-dubai-regulator","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/opnx-given-warning-by-dubai-regulator\/","title":{"rendered":"OPNX given warning by Dubai regulator"},"content":{"rendered":"

The crypto exchange of the founders of the bankrupt hedge fund 3AC \u2014 OPNX \u2014 received \u043f\u0440\u0435\u0434\u0443\u043f\u0440\u0435\u0436\u0434\u0435\u043d\u0438\u0435<\/a> from Dubai’s Virtual Asset Regulatory Authority (VARA).<\/p>\n

According to the statement, on 18 April the regulator sent a written reprimand to the company’s co-founders Su Zhu, Kyle Davies, Mark Lamb, Sudhu Arumugam, and CEO Leslie Lamb for operating in the emirate without the mandatory license.<\/p>\n

VARA also accused them of marketing the trading platform and the native FLEX token.<\/p>\n

The regulator noted that on 27 February it sent the organisation and its founders a cease-and-desist order prohibiting the creation of a company in Dubai. In March the organisation received a further notice.<\/p>\n

\n

\u00abVARA \u043e\u0442\u043c\u0435\u0447\u0430\u0435\u0442, \u0447\u0442\u043e \u0432\u043f\u043e\u0441\u043b\u0435\u0434\u0441\u0442\u0432\u0438\u0438 \u043d\u0430 \u0432\u0435\u0431-\u0441\u0430\u0439\u0442 OPNX \u0431\u044b\u043b\u0438 \u043d\u0430\u043b\u043e\u0436\u0435\u043d\u044b \u043e\u043f\u0440\u0435\u0434\u0435\u043b\u0435\u043d\u043d\u044b\u0435 \u043e\u0433\u0440\u0430\u043d\u0438\u0447\u0435\u043d\u0438\u044f \u0432 \u043e\u0442\u043d\u043e\u0448\u0435\u043d\u0438\u0438 \u0436\u0438\u0442\u0435\u043b\u0435\u0439 \u041e\u0410\u042d. \u041e\u0434\u043d\u0430\u043a\u043e \u0442\u0430\u043a\u0438\u0435 \u043c\u0435\u0440\u044b \u043d\u0435 \u043f\u0440\u0438\u043c\u0435\u043d\u044f\u043b\u0438\u0441\u044c \u0432 \u043f\u043e\u043b\u043d\u043e\u0439 \u0441\u0442\u0435\u043f\u0435\u043d\u0438 \u043a\u043e \u0432\u0441\u0435\u043c \u043a\u0430\u043d\u0430\u043b\u0430\u043c \u0441\u0432\u044f\u0437\u0438 \u0431\u0438\u0440\u0436\u0438 \u0438\u043b\u0438 \u0440\u0435\u043a\u043b\u0430\u043c\u043d\u044b\u043c \u0438 \u043c\u0430\u0440\u043a\u0435\u0442\u0438\u043d\u0433\u043e\u0432\u044b\u043c \u043c\u0430\u0442\u0435\u0440\u0438\u0430\u043b\u0430\u043c, \u043a\u043e\u0442\u043e\u0440\u044b\u0435 \u0432\u043f\u043e\u0441\u043b\u0435\u0434\u0441\u0442\u0432\u0438\u0438 \u043e\u0441\u0442\u0430\u0432\u0430\u043b\u0438\u0441\u044c \u0434\u043e\u0441\u0442\u0443\u043f\u043d\u044b\u043c\u0438 \u0434\u043b\u044f \u0436\u0438\u0442\u0435\u043b\u0435\u0439\u00bb, \u2014 \u043f\u043e\u0434\u0447\u0435\u0440\u043a\u043d\u0443\u043b\u043e \u0432\u0435\u0434\u043e\u043c\u0441\u0442\u0432\u043e.<\/p>\n<\/blockquote>\n

The authorities will continue to investigate OPNX’s conduct to assess any further corrective measures that may be required.<\/p>\n

Plans by Davies and Zhu to raise $25 million<\/a> for the launch of a cryptocurrency exchange, with active involvement from representatives of the bankrupt CoinFLEX<\/a>, first emerged in January.<\/p>\n

Later Zhu announced the opening<\/a> of a waitlist for platform access. According to him, OPNX is a way to “make amends for past mistakes.” Many community members greeted the project with scepticism and indignation.<\/p>\n

In late April, the platform’s chief Leslie Lamb criticised<\/a> investors who deny involvement with the crypto exchange.<\/p>\n","protected":false},"excerpt":{"rendered":"

The crypto exchange founded by the founders of the bankrupt hedge fund 3AC, OPNX, has received a warning from Dubai’s Virtual Asset Regulatory Authority (VARA).<\/p>\n","protected":false},"author":1,"featured_media":78167,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[272,36,1352],"class_list":["post-78166","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-dubai","tag-regulation","tag-three-arrows-capital"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78166","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=78166"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78166\/revisions"}],"predecessor-version":[{"id":78168,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78166\/revisions\/78168"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/78167"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=78166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=78166"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=78166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}