Dubai’s Virtual Asset Regulatory Authority (VARA) Fines OPNX and Founders
Dubai’s Virtual Asset Regulatory Authority (VARA) has fined the cryptocurrency project OPNX, along with its CEO and founders, a total of $2.7 million. While the executives have paid their fines, OPNX has yet to make payment, potentially leading to further actions by the regulator.
Main Breakdowns:
- VARA fined OPNX $2.7 million for a market offense, with the platform yet to pay the fine.
- OPNX CEO, Leslie Lamb, and 3AC founders, Su Zhu and Kylie Davies, were also fined $54,450 for violating marketing regulations.
- All individuals have fully paid their fines.
- OPNX has faced criticism due to its connection with Zhu and Davies, who were involved in a previous failed cryptocurrency project.
- OPNX announced a new ecosystem partner, 3AC Ventures, which was not well-received by the community.
Dubai Takes Tough Stance Against OPNX
Prior to the fines, VARA reprimanded the individuals involved in OPNX for carrying out unregulated activities and promoting the project without approval. The regulator is now considering further actions against OPNX for its failure to pay the fine.
Hot Take
Dubai’s VARA is cracking down on OPNX and its founders, highlighting the need for regulatory compliance in the crypto industry. The fines and potential further actions serve as a warning to other projects to adhere to regulations to avoid similar consequences.
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