Dubai VARA fined OPNX and its founders a few months ago and still hasn't paid

Odaily Planet Daily News The Dubai Virtual Assets Regulatory Authority (VARA) stated that it had imposed a fine of 10 million dirhams (about 2.7 million US dollars) on OPNX in May, but it has not yet paid. VARA later said that Su Zhu and Kyle Davies, along with the two co-founders of OPNX, were fined 200,000 dirhams (approximately $54,451) as individuals for failing to comply with marketing, advertising and promotion rules. VARA also stated that it decided to take corresponding actions against OPNX, which may include further fines, penalties, etc. It is reported that VARA discovered in February that OPNX was soliciting users and collecting personal data. (Bloomberg) Prior to the news in May, VARA issued a written reprimand on April 18 to Zhu Su and Kyle Davies, as well as the other two co-founders of OPNX, Mark Lamb, Sudhu Arumugam and their CEO Leslie Lamb, saying that they did not have the necessary local licenses. Operate and promote OPNX under the circumstances. VARA said it would continue to investigate OPNX's activities "to assess further corrective actions that may be required." Leslie Lamb said OPNX has yet to launch any marketing campaigns targeting Dubai or the wider UAE market. She said OPNX is cooperating with VARA's investigation and does not believe it violated any rules.