Dubai’s Virtual Assets Regulatory Authority has issued a Dh10 million ($2.7 million) fine against digital assets exchange Open Technology Markets (trading as Opnx) for breaching rules related to marketing, advertising and promotions.
The fine for the market offence on May 2 remains unpaid, the emirate’s virtual asset regulator said on Wednesday.
The exchange is linked to the founders of failed cryptocurrency hedge fund Three Arrows Capital.
A fine of Dh200,000 ($54,451) has also been imposed against each Opnx founder Kyle Davies, Su Zhu and Mark Lamb, and the company’s chief executive, Leslie Lamb.
Mr Davies and Mr Zhu were founders of Three Arrows Capital that went bankrupt last year as Bitcoin's value plummeted and UST stablecoin lost its peg to the US dollar. The latest fines are the biggest by the regulator to date.
“All fines noted above were referred to Vara’s grievance committee 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,” the regulator said.
“Vara shall determine consequential actions warranted against Opnx, which may include further fines, penalties, and/or taking any actions necessary to recover payment and definitively remedy the behaviour including, but not limited to, referring the matter to any law enforcement agency (ies) or competent courts.”
Vara was established by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, in March 2022 under the Dubai Virtual Asset Regulation Law, the first law of its kind in the emirate.
It aims to create an advanced legal framework to protect investors and provide international standards for virtual asset industry governance to enable responsible business growth.
Launched in March, Opnx is a public marketplace for crypto claims trading and derivatives. It is pitched as a platform to trade crypto claims associated with bankrupt digital-asset entities.
The cryptocurrency sector went through a troublesome year in 2022, marred by company collapses and cyber crimes dragging down the prices of digital assets and investor interest.
The most notable incident was the collapse of FTX, which filed for bankruptcy in November. That followed the collapse of the Luna cryptocurrency and its associated Terra stablecoin in May last year.
In January this year, Genesis Global Holdco, the parent company of cryptocurrency lending company Genesis Global Capital, filed for bankruptcy protection in the US.
The specs
Engine: 3.0-litre twin-turbo flat-six
Power: 480hp at 6,500rpm
Torque: 570Nm from 2,300-5,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 10.4L/100km
Price: from Dh547,600
On sale: now
Killing of Qassem Suleimani
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
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Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
The five pillars of Islam
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Company%20profile
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The specs: 2018 GMC Terrain
Price, base / as tested: Dh94,600 / Dh159,700
Engine: 2.0-litre turbocharged four-cylinder
Power: 252hp @ 5,500rpm
Torque: 353Nm @ 2,500rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.4L / 100km
UAE currency: the story behind the money in your pockets
If you go:
Getting there:
Flying to Guyana requires first reaching New York with either Emirates or Etihad, then connecting with JetBlue or Caribbean Air at JFK airport. Prices start from around Dh7,000.
Getting around:
Wildlife Worldwide offers a range of Guyana itineraries, such as its small group tour, the 15-day ‘Ultimate Guyana Nature Experience’ which features Georgetown, the Iwokrama Rainforest (one of the world’s four remaining pristine tropical rainforests left in the world), the Amerindian village of Surama and the Rupununi Savannah, known for its giant anteaters and river otters; wildlifeworldwide.com
The biog
Age: 30
Position: Senior lab superintendent at Emirates Global Aluminium
Education: Bachelor of science in chemical engineering, post graduate degree in light metal reduction technology
Favourite part of job: The challenge, because it is challenging
Favourite quote: “Be the change you wish to see in the world,” Gandi
Scoreline
Liverpool 3
Mane (7'), Salah (69'), Firmino (90')
Bournemouth 0
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Racecard
6.35pm: American Business Council – Maiden (PA) Dh80,000 (Dirt) 1,600m
7.10pm: British Business Group – Maiden (TB) Dh82,500 (D) 1,200m
7.45pm: CCI France UAE – Handicap (TB) Dh87,500 (D) 1,400m
8.20pm: Czech Business Council – Rated Conditions (TB) Dh105,000 (D) 1,400m
8.55pm: Netherlands Business Council – Rated Conditions (TB) Dh95,000 (D) 1,600m
9.30pm: Indian Business and Professional Council – Handicap (TB) Dh95,000 (D) 1,200m
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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AIR
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The%20Roundup
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UAE currency: the story behind the money in your pockets
