OPNX Received a Warning From the Dubai Regulators

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Last Updated on May 2, 2023 by Bitfinsider

According to a statement, the co-founders of the insolvent cryptocurrency investment firm Three Arrows Capital received an official reprimand from Dubai’s digital assets authority.

The so-called Virtual Assets Regulatory Authority of the Middle Eastern nation claimed Kyle Davies and Su Zhu’s most recent endeavor, OPNX, is operating without the necessary permissions and said it is looking into the company “to access further corrective measures that may be required.”

In order to engage in the upcoming exchange, OPNX is recruiting and gathering personal information from the general public, according to the agency. “OPNX had been engaged in marketing the exchange through social media platforms without establishing warranted restrictions for residents of Dubai/UAE.”

Former classmates Davies and Zhu developed OPNX last month using Mark Lamb’s cryptocurrency trading platform Coinflex. Leslie Lamb, Lamb’s wife, is in charge of the company, which provides traders with a platform to trade bankruptcy claims. She claimed that the company is doing itself ethically.

Leslie Lamb wrote in a WhatsApp chat: “At no point in time have UAE customers been able to open an account on OPNX.” Neither Zhu nor Davies are active in day-to-day operations, according to Zhu.

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