Three Arrows Founders Zhu, Davies Fined by Dubai Over Crypto Project - Bloomberg
Dubai authorities fined the co-founders of failed crypto hedge fund Three Arrows Capital in their latest enforcement action against the duo’s new digital-asset exchange OPNX.
The Virtual Assets Regulatory Authority said it had issued the company a fine of 10 million dirhams ($2.7 million) in May that remains unpaid. The regulator said penalties of 200,000 dirhams ($54,451) for Su Zhu and Kyle Davies along with OPNX co-founder Mark Lamb and Chief Executive Officer Leslie Lamb for failures to abide by the rules for marketing, advertising and promotions have been paid.
In light of the company’s unpaid fine, “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,” VARA said.
Dubai has taken a stricter approach to crypto this year, launching a new regulatory regime requiring firms catering to retail investors to be licensed by VARA. That’s part of a broader effort by the United Arab Emirates to get off the Financial Action Task Force’s “gray list” of jurisdictions that don’t do enough to uncover illicit funds.
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