Kyle Davies and Su Zhu, founders, Three Arrows Capital (3AC), a collapsed digital asset hedge fund, are expected to be facing a fine issued by Dubai’s crypto regulator over the OPNX exchange, stated Cointelegraph.

Sources revealed that on August 16, 2023, Dubai’s Virtual Asset Regulatory Authority (VARA) created a notice of fines for the OPNX exchange. The regulator is expected to have issued a fine of about 10 million United Arab Emirates dirhams (around $2.7 million) for violations of its market regulations. It is believed that the fine remains unpaid, Cointelegraph added.

It is believed that VARA mentioned that it also issued a fine of 200,000 AED (around $54,000) to executives of the OPNX, such as Davies, Zhu, Mark Lamb and Leslie Lamb,CEO, among others. The fine is believed to be issued for violations of the marketing, advertising and promotions laws of Dubai.  Supposedly, the individuals mentioned have already paid their dues, Cointelegraph highlighted.

Furthermore, the regulator is believed to include further penalties or more fines or even take the necessary actions to recover the payment, Cointelegraph concluded.

(With insights from Cointelegraph)

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