Opyn Co-founder Steps Down as CEO Amid Regulatory Action
Zubin Koticha, the co-founder of Opyn, a decentralized finance (DeFi) option protocol firm, has announced to step down as the Chief Executive Officer (CEO) amid regulatory action. On November 14, Koticha took to Twitter and informed the crypto community about his decision.
Charges Against Opyn by CFTC
Opyn is facing legal challenges by the Commodity Futures Trading Commission (CFTC). According to reports, allegations against Opyn include registration failures and unauthorized commodity transactions. The allegations levied after an investigation also include inadequate customer identification procedures, and unauthorized leveraged and margined retail commodity transactions involving digital assets. Moreover, the CFTC imposed a penalty of $250,000 for settlement and directed the firm to comply with existing regulations.
New CEO to Lead Opyn
After the resignation of Zubin Koticha and Alexis Gauba, Andrew Leone, previously the head of research at Opyn, will take over as the new CEO of the firm. Speaking about Andrew Leone, he holds expertise in volatility trading, particularly with the VIX, which is what makes him the right candidate for the role. The switch in leadership at a time when Opyn is facing legal challenges can impact the DeFi industry for the crypto community.
Impact on Opyn’s Token Price
Meanwhile, the announcement has impacted Opyn’s Squeeth token price, which is currently trading at $116.59, with a massive fall of 0.71%. In addition, the market value cap is $14,361.21 with a downward trend of 62.36%, during the time of writing.
Hot Take: Impact on DeFi Industry
The resignation of Zubin Koticha and Alexis Gauba and the appointment of Andrew Leone as new CEO amidst regulatory action against Opyn could have potential repercussions on the DeFi industry. It remains to be seen how these changes will affect not only Opyn but also other players in this space. Stay tuned for more updates on this developing story.
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