Davies

Dubai

Coin

<ul class="news-points"> 
 <li>Dubai regulators fined OPNX founders after failure to clear pending penalties.</li> 
 <li>Mark Lamb, Leslie Lamb, Su Zhu, and Kyle Davies were charged $54,451.</li> 
 <li>According to VARA, OPNX doesn’t have the necessary licenses to operate in Dubai.</li> 
</ul> 
Bankrupt crypto hedge fund Three Arrows Capital (3AC) founders have once again made headlines with another scandal. According to <a href="https://www.bloomberg.com/news/articles/2023-08-16/dubai-fines-three-arrows-founders-over-new-opnx-crypto-project#xj4y7vzkg" target="_blank" rel="noopener noreferrer nofollow">Bloomberg</a>, Su Zhu and Kyle Davies have been fined by the Dubai authorities for their new venture, OPNX. 
Virtual Assets Regulatory Authority has levied charges after the 3AC co-founders, alongside OPNX co-founder Mark Lamb and Chief Executive Officer Leslie Lamb failed to pay the penalties of 200,000 dirhams ($54,451), pending since May. The regulators also said: 
<blockquote class="wp-block-quote"> 
 “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.” 
</blockquote> 
Earlier in May, OPNX founders <a href="https://coinedition.com/dubai-cracks-down-on-three-arrows-founders-over-unauthorized-exchange/" rel="noopener noreferrer nofollow">received a written reprimand</a> from Dubai authorities for running a digital-asset exchange in the absence of a necessary local license. VARA also noted that it will monitor OPNX’s activities in the future. A… 
The post <a rel="noopener noreferrer nofollow" href="https://coinedition.com/3ac-founders-face-scrutiny-after-dubai-regulator-imposes-fine/">3AC Founders Face Scrutiny After Dubai Regulator Imposes Fine</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinedition.com">Coin Edition</a>.

3AC Founders Face Scrutiny After Dubai Regulator Imposes Fine

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