OPNX Executives Reprimanded by Dubai Regulator

DUBAI, UAE – Dubai’s Virtual Assets Regulatory Authority (VARA) has taken action against OPNX, a bankruptcy claims exchange launched by the founders of Three Arrows Capital (3AC), for operating an unregulated exchange. Kyle Davies, Su Zhu, Mark Lamb, Sudhu Arumugam, and Leslie Lamb were all reprimanded by VARA for their involvement in OPNX.

OPNX allows investors to trade bankruptcy claims for failed companies, such as 3AC, where investors lost millions of dollars. In February and March, VARA issued two cease-and-desist letters to OPNX for marketing the exchange to residents of the United Arab Emirates. VARA stated it would continue investigating OPNX’s activity to determine if more action is warranted.

Davies and Zhu continue to face legal action in both the British Virgin Islands and the United States for refusing to engage in proceedings related to the bankruptcy of 3AC. The news of VARA’s reprimand caused the OPNX coin, CoinFLEX, to drop 5% on Tuesday.