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“OPNX, started by the same people who started 3AC which later failed, got a big fine of $2.7 million from Dubai’s VARA, just one month after it started.”
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Dubai’s VARA fined OPNX, a cryptocurrency project made by the people who started the no-longer-running digital money fund Three Arrows Capital (3AC). They also fined the project’s creators and CEO after giving them a warning in May.
The bosses have paid their fine, but OPNX hasn’t paid yet. VARA might do something to the project because of this.
OPNX, CEO, and Founders Fined $2.7M by VARA
In a notice issued on Wednesday (August 16, 2023), VARA, the regulatory authority in Dubai, mentioned that OPNX had not yet paid a fine of 10 million AED (around $2.72 million). This fine was given to OPNX on May 2 for breaking market rules.
The regulator also gave a fine of 200,000 AED (about $54,450) to OPNX’s CEO Leslie Lamb, and the founders of 3AC, Su Zhu and Kylie Davies, along with OPNX’s co-founder Mark Lamb. This fine was given on the same day because they didn’t follow the rules about marketing and advertising. VARA said that all four of them have already paid their fines.
When OPNX started in April 2023, many people in the cryptocurrency community didn’t like it. This is because the platform was made by Zhu and Davies, who were behind another cryptocurrency project that failed and caused big losses for investors. Right now, OPNX’s trading activity is quite high, with an average daily trading volume of $102 million, a 24-hour trading volume of over $165.8 million, and a seven-day trading volume of $715 million.
Later on, OPNX said that they’re teaming up with a new partner called 3AC Ventures. This is a fund that invests in businesses, and it’s different from the old 3AC fund that stopped working. One of the people who started all this, Kylie Davies, said, “The old 3AC is gone, and now there’s 3AC Ventures.” The new fund’s website says it gives good profits compared to the risks, without borrowing money to invest. But many people in the community didn’t like this idea.
Dubai Gets Tough on OPNX
Before giving them fines, VARA scolded Zhu, Davies, Mark Lamb, Leslie Lamb, and Sudhu Arumugan. They scolded them because they were doing things in Dubai without following the rules, and they were also telling people about OPNX without getting permission from the regulators.
Now, VARA is thinking about doing more things to OPNX because they haven’t paid their fine. VARA might give them more fines or penalties, or do whatever it takes to get the money they owe. They could even involve the police or the courts if needed.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.