Three Arrows Capital founders have been fined by Dubai’s Virtual Asset Regulatory Authority.
Three Arrows Capital co-founders Kyle Davies and Su Zhu, along with OPNX exchange executives, were fined by Dubai.
Dubai fines Three Arrows Capital founders
Dubai’s Virtual Asset Regulatory Authority (VARA) has fined 3AC co-founders Kyle Davies and Su Zhu, as well as OPNX exchange executives Leslie Lamb, Kyle Davies, Su Zhu and Mark Lamb for violating marketing regulations. OPNX CEO Leslie Lamb and executives Kyle Davies, Su Zhu and Mark Lamb were fined $58,000.
The OPNX exchange has faced penalties from Dubai’s private crypto regulator. On August 16, VARA announced that it had imposed a fine of 10 million UAE dirhams (approximately $2.7 million) for the OPNX exchange. In addition, OPNX executives who were excluded from the stock market were fined AED 200,000 (approximately $54,000). These penalties were imposed for violating Dubai’s marketing, advertising and promotion laws. It is stated that the mentioned people have already paid their dues.
VARA stressed that failure to pay the $2.7 million fine could result in further action against OPNX and additional penalties or measures. This may include referencing the matter to law enforcement or the courts.
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