Dubai Virtual Assets Regulatory Authority(VARA), OPNXsent a written notice to the founding partners of
According to the news published in Bloomberg, Three Arrow Capital ‘s co-founders Su Zhu and Kyle Davies received a warning for operating and promoting the new digital asset exchange OPNX in Dubai without obtaining the required local licenses. Su Zhu and Kyle Davies, as well as two other co-founders and managing directors of OPNX, were given a written reprimand on April 18, according to a statement from the Dubai Virtual Assets Regulatory Authority.
VARA: This Is Not The First Notification
VARA, said that they are still investigating the activities of the exchange and guarantee that corrective action will be taken against the firm for violating the law.
The regulator claimed that OPNX was busy marketing the exchange via social media platforms without following the rules required for Dubai citizens. VARA underlined that they sent a reprimand letter to the company in February and March before, and they did not receive any response.
OPNX was founded this year by Su Zhu, Kyle Davis, Mark Lamb and Sudhu Arumugam. The crypto community was stunned to hear that Zhu and Davies were promoting and raising funds for a new venture, even though they are currently under investigation for Three Arrow Capital’s bankruptcy.
Water Zhu “Kyle and I contributed to OPNX from the idea stage. Leslie is more of a CEO and we are not involved in the day-to-day business.”
