Cryptocurrency exchange OPNX, founded by the owners of the bankrupt blockchain technology investment fund 3AC, has entered the radar of Dubai authorities.
Dubai Virtual Assets Regulatory Authority VARA found that the OPNX exchange was operating outside the regulatory line and issued a letter of condemnation. According to the authorities, the crypto trading platform does not comply with the law while serving. In the letter, it was also emphasized that OPNX advertised the native token FLEX without obtaining the necessary permissions.
OPNX Collects Personal Data!
The Dubai government agency's condemnation letter was not limited to the above-mentioned reasons. VARA also determined that personal information was collected from citizens who want to become stock market customers without authorization.
Two different stop orders were issued when the controversial cryptocurrency exchange made its first move in the Arab Emirate. Following the launch of the exchange, VARA warned its citizens that the exchange is not regulated:
"The cryptocurrency exchange OPNX does not comply with the restrictions on our citizens residing in Dubai/UAE."
The re-establishment of a cryptocurrency exchange by names like Su Zhu and Kyle Davies, who have already sunk an investment fund, continues to be a matter of debate in the industry.