Dubai authorities imposed a total fine of millions of dollars on OPNX and its founders

ChainCatcher news, according to Bloomberg, the Dubai Virtual Assets Regulatory Authority (VARA) stated that it imposed a fine of 10 million dirhams (approximately 2.7 million USD) on OPNX in May, but it has not been paid to date. Subsequently, the regulatory agency announced that Su Zhu and Kyle Davies, along with two co-founders of OPNX, were personally fined 200,000 dirhams (approximately 54,451 USD) for failing to comply with marketing, advertising, and promotional rules.

VARA stated that it has decided to take appropriate action against OPNX, which may include further fines, penalties, and/or any necessary actions. VARA indicated that it discovered in February that OPNX was soliciting users and collecting personal data. OPNX CEO Leslie Lamb stated in May that OPNX is cooperating with VARA's investigation and does not believe it has violated any regulations.