OPNX CEO Leslie Lamb and executives Kyle Davies, Su Zhu and Mark Lamb were all issued a $58,000 fine for violating marketing regulations in the emirate.

The founders of the collapsed digital asset hedge fund Three Arrows Capital (3AC) Kyle Davies and Su Zhu are now facing a fine issued by Dubai’s dedicated crypto regulator over the OPNX exchange.

On Aug. 16, Dubai’s Virtual Asset Regulatory Authority (VARA) published a notice of fines for the OPNX exchange. The regulator said that it has issued a fine of 10 million United Arab Emirates dirhams (around $2.7 million) for violations of its market regulations and noted that the fine remains unpaid.

Apart from the exchange, VARA also announced that it also issued a fine of 200,000 AED (around $54,000) to executives of the OPNX, including Davies, Zhu, Mark Lamb and its CEO, Leslie Lamb. The fine issued was for violations of the marketing, advertising and promotions laws of Dubai. According to the regulator, the individuals mentioned have already paid their dues.

As the $2.7 million fine remains unpaid, VARA said that it would “determine consequential actions warranted against OPNX.” The regulator highlighted that it may include further penalties or more fines or even take the necessary actions to recover the payment. This may include “referring the matter to any law enforcement agency(ies) or competent courts,” according to VARA.

https://cointelegraph.com/news/3ac-founders-fined-by-dubai-regulator-over-opnx-exchange

OPNX CEO Leslie Lamb and executives Kyle Davies, Su Zhu and Mark Lamb were all issued a $58,000 fine for violating marketing regulations in the emirate.

The founders of the collapsed digital asset hedge fund Three Arrows Capital (3AC) Kyle Davies and Su Zhu are now facing a fine issued by Dubai’s dedicated crypto regulator over the OPNX exchange.

On Aug. 16, Dubai’s Virtual Asset Regulatory Authority (VARA) published a notice of fines for the OPNX exchange. The regulator said that it has issued a fine of 10 million United Arab Emirates dirhams (around $2.7 million) for violations of its market regulations and noted that the fine remains unpaid.

Apart from the exchange, VARA also announced that it also issued a fine of 200,000 AED (around $54,000) to executives of the OPNX, including Davies, Zhu, Mark Lamb and its CEO, Leslie Lamb. The fine issued was for violations of the marketing, advertising and promotions laws of Dubai. According to the regulator, the individuals mentioned have already paid their dues.

As the $2.7 million fine remains unpaid, VARA said that it would “determine consequential actions warranted against OPNX.” The regulator highlighted that it may include further penalties or more fines or even take the necessary actions to recover the payment. This may include “referring the matter to any law enforcement agency(ies) or competent courts,” according to VARA.

https://cointelegraph.com/news/3ac-founders-fined-by-dubai-regulator-over-opnx-exchange