Further to Virtual Assets Regulatory Authority’s (VARA) previous notices dated 12 April 2023 and 27 April 2023 regarding the conduct of Open Technology Markets Ltd. known as OPNX and opnx.com, VARA has issued the following fines against OPNX including a $2,722,548 equivalent to AED 10,000,000 against OPNX for a Market Offence under Regulation VIII.A.3 of the Virtual Assets and Related Activities Regulations 2023 (Regulations)
As per VARA, this fine was issued on 2 May 2023 and remains unpaid at the time of publication of this notice.
The VARA notice includes $54,000 equivalent to AED 200,000 against each of the following 4 persons: OPNX founders Kyle Davies, Su Zhu and Mark Lamb and OPNX CEO Leslie Lamb.
The fines are for violations of Administrative Order No. 01/22 Relating to Regulation of Marketing, Advertising and Promotions Related to Virtual Assets, The fines were issued on 2 May 2023 and have been fully paid by the individuals in question.
All fines noted above were referred to VARA’s Grievance Committee [the Committee formed in accordance with Article 22 of Law No. (4) of 2022 Regulating Virtual Assets in the Emirate of Dubai] in accordance with due governance requirements. The Committee reviewed the referral of the grievance and determined that the enforcement actions taken be upheld in their entirety.
To date, the AED 10MM fine issued against Open Technology Markets Ltd remains unpaid, and VARA shall determine consequential actions warranted against OPNX, which may include further fines, penalties, and/or taking any actions necessary to recover payment in addition to possibly referring the matter to any law enforcement agency(ies) or competent courts.