The OPNX Exchange and Its Founders

OPNX, the brainchild of Three Arrows Capital’s co-founders, Kyle Davies and Su Zhu, alongside CoinFLEX’s Mark Lamb, launched earlier this year with high hopes and dreams. But, alas, their journey in the crypto world has taken a sharp turn into troubled waters.

A Fine Mess: What’s the Scoop?

On August 16, 2023, Dubai’s Virtual Asset Regulatory Authority (VARA) slapped OPNX with a hefty fine of 10 million AED (around $2.7 million) for not playing by the rules. The price of ignoring the regulatory playbook? Still unpaid, leaving VARA wondering what happens next.

Now, if you think Davies and Zhu are skating by without consequences, think again! They were also hit with a fine of 200,000 AED (~$54,000), along with other executives for breaching local marketing and advertising laws. Unlike the big fish, these fines seem to be settled – kudos to them for knowing when to pay up!