Dubai Fines Three Arrows Founders Over OPNX Crypto Project
- VARA says company fine issued in May remains unpaid by OPNX
- Fines are the biggest publicly announced by regulator so far
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Dubai authorities fined the co-founders of failed crypto hedge fund Three Arrows Capital in their latest enforcement action against the duo’s new digital-asset exchange OPNX.
The Virtual Assets Regulatory Authority said it had issued the company a fine of 10 million dirhams ($2.7 million) in May that remains unpaid. The regulator said penalties of 200,000 dirhams ($54,451) for Su Zhu and Kyle Davies along with OPNX co-founder Mark Lamb and Chief Executive Officer Leslie Lamb for failures to abide by the rules for marketing, advertising and promotions have been paid.