2 years ago
Dubai’s Virtual Assets Regulatory Authority (VARA) issued a written reproof to the 4 founders of OPNX Exchange and its CEO Leslie Lamb connected April 18, according to a ceremonial notice.
The 4 founders see Mark Lamb, Sudhu Arumugam, and founders of failed crypto hedge money Three Arrows Capital, Su Zhu, and Kyle Davies.
As per the authorities, OPNX Exchange is unlicensed and unregulated. Therefore, the named individuals, including Zhu and Davies are breaking the instrumentality by operating and promoting it.
VARA archetypal issued a cease and desist bid for the constitution and selling of the OPNX Exchange connected February 27, according to the notice. Subsequently, the authorities recovered that the OPNX was restricted to the residents of the United Arab Emirates (UAE). However, the restrictions were not imposed connected the selling and promotion worldly of OPNX, which remained accessible to the residents, the authorities noted.
On March 10, VARA issued a 2nd cease and desist letter, contempt which, OPNX Exchange was launched connected April 4. Thereafter, VARA issued an Investor and Marketplace Alert connected April 12, informing investors that OPNX Exchange was unregulated.
In its notice, the Dubai authorities noted:
“VARA is continuing to actively show the concern and analyse OPNX’s enactment to measure further corrective measures that whitethorn beryllium required to support the market.”
The station Dubai authorities sent written reprimand to OPNX Exchange founders appeared archetypal connected CryptoSlate.
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