Dubai Pulls-Up 3 Arrows Founders Crypto Project
The co-founders of failed crypto hedge fund Three Arrows Capital were chastised by Dubai authorities for operating and promoting their new digital-asset exchange OPNX without the required local licence.
According to a statement from the regulator, Dubai’s Virtual Assets Regulatory Authority (Vara) issued a written reprimand to Mr Zhu Su and Mr Kyle Davies, as well as OPNX’s two other co-founders and CEO, on April 18.
Vara stated that it will continue to investigate OPNX’s activity “to assess any additional corrective measures that may be required.”
The action against OPNX is the latest example of Dubai regulators tightening their stance on cryptocurrency, even as the emirate attempts to position itself as a crypto hub. That push coincides with broader efforts by the United Arab Emirates (UAE) to get off the Financial Action Task Force’s “grey list” of jurisdictions that do not do enough to uncover illicit funds.
(With inputs from Shikha Singh)
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