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

article-image

Rasto SK/Shutterstock modified by Blockworks

share

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.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.jpg

Research

Figure, founded by former SoFi CEO Mike Cagney, has emerged as a leader in onchain RWAs, with ~$17.5B publicly tokenized. The platform’s ecosystem volume is growing ~40% YoY as it expands beyond HELOCs into student loans, DSCR loans, unsecured loans, bankruptcy claims, and more. Operationally, Figure cuts average loan production cost by ~93% and compresses median funding time from ~42 days to ~10, creating a durable speed-and-cost advantage.

article-image

The Ethereum co-founder suggested LINEA holders would be eligible for other airdrops in cryptic tweet

article-image

The layer-2’s biggest release yet brings benefits — but a post-upgrade outage caused a chain reorg

article-image

Crypto is shifting into risk-on mode — pump.fun dominates meme activity, while Lido leans on treasury maneuvers

article-image

If the president breaks the Fed, he’ll own the budget problems

article-image

Combining Franklin Templeton’s tokenization expertise with Binance’s trading infrastructure could speed crypto adoption, companies say

article-image

The firm’s upcoming filing comes as competition heats up over the USDH stablecoin