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Three Arrows Capital Founders Face Dubai Regulator's Scrutiny Over New Unregulated Exchange OPNX

Dubai regulators are examining the co-founders of now-defunct crypto hedge fund Three Arrows Capital over their new unregulated digital asset exchange, OPNX. On April 18, Su Zhu and Kyle Davies received a written reprimand from Dubai's Virtual Assets Regulatory Authority (VARA) for promoting OPNX without the necessary local license, data from Bloomberg, citing a statement from the regulator. VARA became aware in February that OPNX was asking customers for its yet-to-be-launched platform, collecting personal information, and marketing the exchange without restrictions for UAE/Dubai residents, the report reveals.

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