- **VARA Imposed Fines**: The Dubai #Virtual #Assets Regulatory Authority (VARA) fined OPNX 10 million dirhams (about $2.7 million) in May for non-compliance with regulations. Additionally, fines of 200,000 dirhams (approximately $54,451) were levied on Su Zhu, Kyle Davies, and the co-founders of OPNX for violating marketing, advertising, and promotion rules.
- **Unpaid Fine and #Potential Actions**: The 10 million dirham fine on OPNX remains unpaid. VARA is considering further actions against OPNX, which could involve additional fines and penalties.
- **Solicitation and #Data Collection**: In February, VARA discovered that OPNX was soliciting users and collecting personal data. This violation led to the imposition of fines on both OPNX and its co-founders.
- **Cooperation and Denial**: OPNX CEO Leslie Lamb claims that the company did not launch #marketing campaigns targeting Dubai or the wider UAE market. Lamb asserts that they are cooperating with VARA's investigation and believes no rules were violated in their operations.
- **Regulatory Oversight**: The case highlights the regulatory authority's vigilance in ensuring compliance within the virtual assets space and taking appropriate actions against entities found in violation of local license conditions and regulations.
