Dubai’s Virtual Assets Regulatory Authority (VARA) issued a written reprimand to the four founders of OPNX Exchange and its CEO Leslie Lamb on April 18, according to a notice.
The four founders are Mark Lamb, Sudhu Arumugam and founders of failed crypto hedge fund Three Arrows Capital, Su Zhu and Kyle Davies.
According to authorities, OPNX Exchange is unlicensed and unregulated. Therefore, the persons mentioned, including Zhu and Davies, are breaking the law by exploiting and promoting it.
The VARA first issued a cease and desist order for the establishment and marketing of the OPNX Exchange on Feb. 27, the report said. Subsequently, the authorities discovered that the OPNX was limited to the residents of the United Arab Emirates (UAE). However, the restrictions were not imposed on OPNX’s marketing and promotional materials, which remained accessible to residents, authorities noted.
On March 10, the VARA issued a second cease and desist order, despite the fact that OPNX Exchange was launched on April 4. After that, the VARA issued an Investor and Marketplace Alert on April 12, warning investors that the OPNX Exchange was unregulated.
In their notification, Dubai authorities noted:
“VARA continues to actively monitor the situation and investigate OPNX’s activities to assess further corrective actions that may be necessary to protect the market.”
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