DFSA Imposes Fines**: The #Dubai Financial Services Authority (DFSA) has fined the founders of #3AC and the #OPNX #exchange for their alleged involvement in regulatory breaches.
- **Fine Amounts**: Each of the founders, Peng “Michael” Geng and Zhang “Coco” Chen, has been fined $440,000, while OPNX as a firm has been fined $80,000.
- **Alleged Regulatory Breaches**: The DFSA alleges that the founders and the exchange failed to conduct proper due diligence, maintain adequate resources and governance, and adhere to #audit and cash flow standards.
- **Collapse of the Crypto Platform**: The regulatory shortcomings are claimed to have contributed to the eventual collapse of the OPNX crypto platform.
- **Founder's Response**: The founders have neither confirmed nor denied the DFSA's allegations. However, they have agreed to pay the fines and accept the imposed sanctions.
- **Regulatory Oversight**: The DFSA's actions demonstrate its commitment to enforcing regulatory standards in the crypto space and ensuring compliance by companies operating within its jurisdiction.
