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The founders of the collapsed digital asset hedge fund Three Arrows Capital (3AC), Kyle Davies and Su Zhu, are facing a fine issued by Dubai’s dedicated crypto regulator regarding the OPNX exchange.
On August 16, Dubai’s Virtual Asset Regulatory Authority (VARA) published a notice of fines for the OPNX exchange. The regulator stated that it had issued a fine of 10 million United Arab Emirates dirhams (approximately $2.7 million) for violations of its market regulations and noted that the fine remains unpaid.
Excerpt of the document posted by Dubai’s crypto regulator. Source: VARA
In addition to the exchange, VARA announced that it had issued a fine of 200,000 AED (approximately $54,000) to OPNX executives, including Davies, Zhu, Mark Lamb, and CEO Leslie Lamb. This fine was imposed for violations of Dubai’s marketing, advertising, and promotions laws. According to the regulator, the individuals mentioned have already paid their dues.
As the $2.7 million fine remains unpaid, VARA stated that it would “determine consequential actions warranted against OPNX.” The regulator highlighted that this may include further penalties, additional fines, or necessary actions to recover the payment. This could involve “referring the matter to any law enforcement agency(ies) or competent courts,” according to VARA.
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OPNX was founded earlier this year by the 3AC co-founders and CoinFLEX founder Mark Lamb. On its first day, the exchange reported a trading volume of only $13.64. However, by late June, the exchange’s daily trading volume had surged to $30 million.
The Dubai regulator has maintained a firm stance on crypto violations this year. On July 10, VARA suspended the license of crypto exchange BitOasis, the first exchange to receive an operating license in the emirate, for failing to meet mandated conditions within the deadline set by the regulator.
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