Dubai’s VARA Issues Notice to OPNX Exchange for Unpaid Fine
Dubai’s Virtual Assets Regulatory Authority (VARA) has issued a notice to the OPNX exchange for failing to pay a $2.7 million fine for violating marketing rules. Here are the key points:
– OPNX exchange failed to pay a $2.7 million fine imposed on May 2, 2023, for violating marketing, advertising, and promotions rules.
– VARA is considering taking further action against the exchange, which may include dragging them to court or imposing additional fines.
– In February, VARA introduced rulebooks with guidelines for virtual assets service providers (VASPs), and non-compliance can result in heavy penalties.
– OPNX exchange has faced controversy due to its co-founders’ association with bankrupt crypto companies.
– Kyle Davies, one of the co-founders, announced a “shadow recovery process” in July, but stated that those defaming the exchange would be ineligible.
Opinions and Closing Remarks
Dubai’s VARA is taking a strong stance against OPNX exchange for its failure to pay the fine. This move highlights the importance of compliance with regulations in the crypto industry. The controversy surrounding OPNX and the actions of its co-founders raise concerns about the exchange’s credibility. It remains to be seen how VARA will proceed with its further action against the exchange.
Overall, this situation serves as a reminder for crypto companies to adhere to regulatory guidelines and maintain transparency to build trust within the industry.
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