Su Zhu OPNX Dubai – The creator of the now-defunct cryptocurrency hedge firm Three Arrows Capital (3AC), among others, was chastised by representatives of Dubai’s Virtual Assets Regulatory Authority (VARA) on Tuesday for a regulatory infraction involving the new cryptocurrency exchange OPNX.
Recent sources state that Zhu, fellow 3AC cofounder Kyle Davies, and three other people received written reprimands from the VARA authorities for OPNX’s license-related infractions. The problem was discovered around two weeks after the reprimand was given, and more investigation is ongoing, according to the authorities.
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Zhu, fellow 3AC cofounder Kyle Davies, and others
The authorities allegedly issued the warning for advertising and operating OPNX without a license from Dubai authorities, according to a Bloomberg article. According to the officials cited in the study, OPNX will continue to be investigated for determining corrective steps.
This breakthrough occurs at a key time when the US government is coming under fire for creating a market environment that is widely regarded as being extremely restrictive. In contrast, Dubai is one of the top locations for cryptocurrency enterprises outside of the US.
Leslie Lamb, one of the OPNX cofounders, asserted that there were no UAE-based customer registrations and that the cryptocurrency exchange did not break any local regulations. She said in a statement that
“the company hasn’t done any marketing targeting Dubai or the wider UAE.”
What is OPNX?
Open Exchange (OPXN) is a decentralized exchange built on the Ethereum blockchain. It allows users to trade various ERC-20 tokens without the need for a central authority. Users can connect their wallets to the platform and trade directly from their wallets without having to deposit their tokens on a centralized exchange.
OPNX aims to provide a fast, secure, and cost-effective way to trade cryptocurrencies. It uses an automated market maker (AMM) system to determine the price of tokens, and its liquidity is provided by liquidity providers who earn a fee for providing liquidity to the platform.
The platform is governed by a decentralized autonomous organization (DAO), which allows token holders to have a say in the platform’s governance and decision-making processes.