OPNX and its Founders Fined Nearly $2.8 Million by Dubai’s Regulatory Authority
The Dubai Virtual Asset Regulatory Authority (VARA) has imposed a hefty fine of $2.8 million on digital asset exchange OPNX and its founders, Su Zhu, Kyle Davies, and Mark Lamb. The fine was issued for violating advertising, promotions, and marketing rules.
Key points:
– Fine issued: VARA issued a notice stating that a fine of $2.7 million was imposed on OPNX for market offenses under the Virtual Assets and Related Activities Regulations 2023.
– Unpaid fine: The fine remains unpaid as of the notice’s publication in August 2023.
– Separate fines: Davies, Mark, and Lamb were individually fined $54,451 for failing to meet advertising and marketing standards. They have paid the fines in full.
– Biggest fines to date: VARA has issued its largest fines ever with this enforcement action.
– Further action: VARA hinted at potential further action against OPNX, including additional fines, penalties, and involving law enforcement or courts to recover payments.
By
By
By
By
By
By