The Co-Founders of Opyn Step Down After CFTC Charges
Opyn’s co-founders have made the decision to step down after the DeFi options protocol was charged by the Commodity Futures Trading Commission (CFTC) in September. CEO Zubin Koticha announced on X today that he and co-founder Alexis Gauba are leaving the crypto industry, citing the recent regulatory action against Opyn.
The CFTC filed and settled charges against Opyn and two other DeFi players, alleging several registration failures, failure to adopt a customer identification program, and illegally offering leveraged and margined retail commodity transactions in digital assets. As part of the settlement, Opyn was ordered to pay a $250,000 penalty and cease violating the Commodity Exchange Act and CFTC regulations.
Koticha expressed disappointment at having to leave crypto after six years of groundbreaking work in structured products and derivatives. He announced that Andrew Leone, previously a vice president at Nomura, will take over as Opyn’s CEO.
Hot Take: The Future of Opyn
Opyn’s co-founders’ departure raises questions about the future direction of the DeFi options protocol. With new leadership taking over, it remains to be seen how Opyn will navigate the aftermath of the CFTC charges and continue its work in the crypto industry.
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