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UAE reprimands cryptocurrency firm OPNX

The company, which is planning a transparent crypto platform, allegedly did not receive the necessary regulatory authority from the UAE.
An illustration picture taken in London on Dec. 30, 2021, shows gold-plated souvenir cryptocurrency coins.

The United Arab Emirates’ Virtual Assets Regulatory Authority (VARA) announced on Tuesday a written reprimand to a cryptocurrency company. The UAE remains committed to cryptocurrency despite challenges in the sector.

VARA said the letter to Open Exchange (OPNX) dated April 12 was in response to “unregulated activity.” The firm allegedly carried out virtual asset exchange services on an “unregulated basis” in Dubai and marketed its services without the necessary permits from VARA, the authority said in a press release.

Open Exchange is a planned cryptocurrency exchange that purports to be the “world's most radically transparent derivatives exchange.” It plans a platform where transactions are public and able to be audited, per its website.

The company was created by the founders of the failed crypto hedge fund Three Arrows Capital, according to Bloomberg.

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