3AC founders’ crypto project OPNX slapped with $2.7M penalty in Dubai
OPNX founder Kyle Davies, Su Zhu, Mark Lamb and CEO Leslie Lamb have already paid another $54,000 fine

Rasto SK/Shutterstock modified by Blockworks
Dubai’s crypto regulator imposed a $2.7 million penalty on OPNX, a venture by Three Arrows Capital founders Kyle Davies and Su Zhu, for alleged violations in promoting virtual assets.
The Virtual Asset Regulatory Authority (VARA) imposed the fine on May 2 and remains unpaid to date.
Additionally, Davies, Zhu, co-founder Mark Lamb and OPNX CEO Leslie Lamb were fined 200,000 Emirati dirhams ($54,451) for not adhering to marketing, advertising and promotion regulations. This latter fine has been settled, according to a notice published Wednesday.
Because the $2.7 million fine hasn’t been settled, VARA mentioned it intends to take subsequent measures against OPNX. This could involve additional fines, penalties and measures to ensure payment is received.
Blockworks has reached out to OPNX CEO Leslie Lamb for comment.
Earlier in May, VARA called out the exchange for allegedly advertising its platform without implementing adequate restrictions for Dubai locals.
Read more: Dubai reprimands 3AC founders’ new crypto exchange
VARA became aware in February that OPNX was allegedly gathering personal data from the public.
Consequently, the regulator handed a cease and desist directive to the OPNX founding team in April.
Despite implementing certain restrictions, it seemed that UAE residents continued to receive promotions and marketing messages from OPNX.
Reacting to the accusations, Leslie Lamb said OPNX launched in Hong Kong and that the exchange had implemented steps to block UAE residents from accessing and registering on the platform.
“To confirm, we have no Dubai or UAE customers and do full [know-your-customer checks] on all users,” she earlier told Blockworks.
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