Dubai authorities fine OPNX and its founders in aggregate millions of dollars
08/16 11:36
On August 16th, Dubai's Virtual Asset Regulatory Authority (VARA) announced that it had imposed a fine of 10 million dirhams (approximately 2.7 million US dollars) on OPNX in May, but it has not yet been paid. Subsequently, the regulatory agency stated that Su Zhu and Kyle Davies, as well as the two co-founders of OPNX, were fined 200,000 dirhams (approximately 54,451 US dollars) each 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 necessary actions. VARA stated that it discovered in February that OPNX was soliciting users and collecting personal data. Leslie Lamb, CEO of OPNX, stated in May that OPNX is cooperating with VARA's investigation and does not believe that it has violated any regulations.
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