Dubai authorities have reprimanded the co-founders of Three Arrows Capital, Su Zhu, and Kyle Davies, along with the other co-founders and CEO of their new digital-asset exchange, OPNX, to promote and operate the exchange without obtaining the necessary local license. The regulatory authority, Virtual Assets Regulatory Authority, has issued a written reprimand and is investigating OPNX’s activities.
Despite Dubai’s attempts to establish itself as a crypto hub, regulatory action reflects a trend of stricter scrutiny of cryptocurrencies. CoinFLEX founders Mark Lamb and Sudhu Arumugam, as well as OPNX CEO Leslie Lamb, were also reprimanded by VARA.
Leslie Lamb maintains that the company has not marketed to Dubai or the wider UAE and is cooperating with the regulatory investigation. Su Zhu, one of the co-founders, clarified that Leslie Lamb is the CEO and oversees the day-to-day operations, while he and Kyle Davies provided initial ideas for OPNX.
