Reported Bloomberg, the Dubai Virtual Assets Regulatory Authority (VARA) has stated that a fine of 10 million dirhams (approximately $2.7 million) was imposed on OPNX in May, which remains unpaid to this day.
Subsequently, the regulatory body indicated that Su Zhu, Kyle Davies, and the two co-founders of OPNX were individually fined 200,000 dirhams (approximately $54,451) each for failure to comply with marketing, advertising, and promotional rules.
VARA mentioned that it has decided to take appropriate action against OPNX, which may involve further fines, penalties, and/or necessary measures. VARA stated that it discovered in February that OPNX was soliciting users and collecting personal data. Leslie Lamb, the CEO of OPNX, stated in May that the company is cooperating with VARA's investigation and does not believe it has violated any regulations.
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