notice<\/a> circulated by VARA earlier today, OPNX was hit with an AED 10,000,000 fine on May 2, 2023, for a market offense of the Virtual Assets and Related Activities Regulations that were unveiled by the regulator earlier this year. The regulator stated that the fine remained unpaid at the time of publication of the notice.\u00a0<\/p>\n\n\n\nAdditionally, VARA slapped fines of AED 200,000 ($54,450) against each of OPNX\u2019s founders, namely Su Zhu, Kyle Davies, Mark Lamb, and the crypto platform\u2019s Chief Executive Leslie Lamb. The founders were fined for violation of an administrative order related to the regulation of crypto advertising and marketing in the emirate. The fines have been paid in full. <\/p>\n\n\n\n
VARA stated that it was mulling over further fines and penalties against OPNX due to failure to pay the fines imposed over three months ago. The digital asset regulator added that it would take any action necessary to recover the fine, including referring the matter to law enforcement agencies or even resorting to litigation <\/p>\n\n\n\n
Open Exchange Token (OX), the native token of the derivatives and bankruptcy claims trading platform, lost more than 8% of its value following the news of the fines and potential enforcement action. At the time of writing, OX was trading at $0.065. <\/p>\n","protected":false},"excerpt":{"rendered":"
Dubai’s Virtual Assets Regulatory Authority has slapped a $2.7 million fine on Open Exchange (OPNX), the crypto platform launched by 3AC’s disgraced founders Su Zhu and Kyle Davies. <\/p>\n","protected":false},"author":62,"featured_media":583689,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,22,2,26],"tags":[108378,108668,108823,108822,108545,108920],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/583687"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=583687"}],"version-history":[{"count":2,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/583687\/revisions"}],"predecessor-version":[{"id":583690,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/583687\/revisions\/583690"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/583689"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=583687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=583687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=583687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}