Dubai's VARA Fines OPNX $2.7M for "Market Offenses"

Blockchain project OPNX, founded by individuals from the now-defunct 3AC, has come under scrutiny, facing a $2.7 million penalty from Dubai's Virtual Asset Regulatory Authority (VARA).

The regulatory action follows a reprimand issued in May, where the executives were penalised, and OPNX was warned.

While the founders and CEO have settled their fines, VARA reported that OPNX is yet to make the required payment, potentially leading the regulator to take further measures against the platform.

An enforcement notice made public on August 16, 2023, discloses that OPNX has not yet paid a fine of 10 million AED ($2.72 million) levied against it on May 2 for a market-related offense.

The same day, VARA also imposed a penalty fine of 200,000 AED on OPNX CEO Leslie Lamb, 3AC founders Su Zhu and Kylie Davies, and OPNX co-founder Mark Lamb.

Before doing so, VARA reprimanded Zhu, Davies, Mark Lamb, Leslie Lamb, and Sudhu Arumugan for engaging in unregulated activities in Dubai and for promoting and marketing OPNX to residents without obtaining regulatory clearance.

According to VARA, all four individuals have duly settled their fines.

VARA is considering further actions against OPNX for its non-compliance with the fine payment.

"Vara shall determine consequential actions warranted against OPNX, which may include further fines, penalties, and/or taking any actions necessary to recover payment and definitively remedy the behavior including, but not limited to, referring the matter to any law enforcement agency(ies) or competent courts."

Coinlive previously reported on how OPNX is purportedly offering a lifeline to beleaguered crypto lender Hodlnaut.