WWNIG

[mishmi2424]

In Dubai , not everything is rosy for OPNX. Its founders have to pay a certain fine . At least that's what we can gather from a recently published announcement.


Another hit for OPNX in Dubai: fines against the exchange and its founders

Exchange OPNX, founded by former Three Arrows Capital (3AC) executives Shu Zhu and Kyle Davies, is facing new regulatory hurdles in Dubai. The city’s regulator recently announced it had taken action against OPNX.


OPNX was created to provide small investors with a way to trade their debt while they wait for repayment, following the cascading bankruptcies that have affected many users in recent years. While the exchange has enjoyed some woocommerce web design service success , regulators have doubts about the transparency of its operations. In April, Dubai’s Virtual Asset Regulatory Authority (VARA) issued two notices asking OPNX to cease operating in its territory.


Also read Elizabeth Warren returns to the charge with her bill on cryptocurrencies

In these notices, VARA also ordered OPNX to pay a fine of approximately 10 million UAE dirhams (approximately $ 2.7 million ). To date, this fine remains unpaid, which could result in further proceedings against the exchange, such as additional sanctions or enforcement measures to recover this amount.


OPNX co-founders Su Zhu, Kyle Davies and Mark Lamb, as well as CEO Leslie Lumb, were also individually fined 200,000 dirhams (about $54,000), which they have already paid.


Dubai toughens regulatory stance



Dubai

Dubai is seen as a future hub for the crypto industry due to its regulatory clarity . However, that doesn’t mean the city will tolerate players who break its laws. The regulator said it imposed sanctions on OPNX due to violations of Dubai’s marketing, advertising, and promotions laws. The move is part of the UAE’s broader efforts to get off the Financial Action Task Force’s (FATF) “grey list” of jurisdictions.


Also read The closure of Binance Connect: an unexpected decision

In addition to OPNX, Dubai revoked the provisional MVP license of exchange BitOasis for failing to meet the required conditions. However, VARA granted an operational MVP license to Binance , the largest exchange in the market . Binance is now authorized to offer virtual asset trading services to institutional investors and qualified individuals in the UAE. This situation is in stark contrast to Binance’s disadvantaged position in other jurisdictions.
_________________
woocommerce web design service

[Reklama]