Crypto News: Dubai Regulators Reprimand Co-founders of 3AC for Illegally Promoting OPNX Exchange
Dubai authorities have reportedly reprimanded the co-founders of 3AC, Kyle Davies and Su Zhu, for promoting the OPNX cryptocurrency exchange illegally. The Dubai-based Virtual Asset Regulator Authority sent a warning letter to the OPNX team, including Davies, Zhu, and other co-founders, for operating an unregulated exchange and promoting it illegally in the UAE and Dubai.
According to reports, this is not the first time that Davies and Zhu have faced regulatory scrutiny. Both have been questioned previously by regulators in the US and British Virgin Islands regarding the collapse of 3AC, one of the largest cryptocurrency hedge funds.
OPNX was created to help investors recover funds from failed cryptocurrency networks, but the exchange has yet to see significant success. Reports suggest that in the first 24 hours of the exchange’s life, only $2 was traded.
Despite its slow start, OPNX was initially praised for having large prospects due to the backing of trading networks DRW and Susquehanna International Group, as well as venture-capital firm Nascent. However, recent reports suggest that some investors have denied involvement with the company.
The Virtual Asset Regulator Authority of Dubai released a statement saying it will continue to actively monitor the situation and investigate OPNX’s activity to assess any further corrective measures that may be necessary to protect the market.
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