Dubai’s Virtual Asset Regulatory Authority has fined the three founders of Arrow Capital.
Three Arrows Capital co-founders Kyle Davis and Su Zhu, along with officials from the OpenX exchange, were fined by Dubai.
Dubai fines founders of Three Arrows Capital
Dubai’s Virtual Asset Regulatory Authority (VARA) has fined 3AC co-founders Kyle Davis and Su Zhu, as well as OPNX exchange executives Leslie Lamb, Kyle Davis, Su Zhu and Mark Lamb, for violating marketing regulations. OpenX CEO Leslie Lamb and executives Kyle Davis, Su Zhu and Mark Lamb were each fined $58,000.
The OpenX exchange has faced penalties from Dubai’s private crypto regulator. On 16 August, VARA announced that it had imposed a fine of 10 million UAE Dirhams (about $2.7 million) on the OPNX exchange. In addition, OPNX executives who were ousted from the stock market were fined AED 200,000 (about $54,000). The fine was imposed for violating Dubai’s marketing, advertising and promotion laws. It is said that the said people have cleared their dues.
VARA stressed that failure to pay the $2.7 million fine could result in further action and additional fines or measures against OPNX. This may include referring the matter to law enforcement or the courts.