Dubai Reprimanded 3AC Founders’ New Crypto Exchange

Not too long ago, we revealed the fact that Dubai is an oasis of opportunity in the heart of the Middle East. The location is increasingly becoming a magnet for real estate investors seeking high returns on their investments.

Dubai’s real estate market is booming, fueled by a stable economy, business-friendly policies, and a burgeoning crypto industry. A recent report by Knight Frank identifies Dubai as one of the top five global cities for high net worth individuals to invest in real estate.

Factors such as favorable tax laws, a rapidly growing population, and a soaring demand for luxury properties make this city the ideal investment destination.

It’s been just revealed the fact that the co-founders of controversial (and bankrupt) crypto hedge fund Three Arrows Capital have been taken to task over allegedly promoting their new exchange OPNX without securing a local license in Dubai.

The online pubcalition Blockworks notes the fact that they were called out by the Virtual Assets Regulatory Authority (VARA) of Dubai for allegedly promoting their crypto exchange, OPNX, while not ensuring proper restrictions for local residents.

It seems that VARA caught wind of OPNX soliciting and collecting personal data from the public in February, according to a notice published Tuesday. As a result, the regulator issued a cease and desist order to the founders last month.

“OPNX launched the exchange on opnx.com, providing VA Exchange services — a regulated activity under the VARA regime — without securing any regulatory licences, and as such operating in contravention of local laws,” VARA said.

We suggest that you check out more details about the matter in the original article posted by the online publication Blockworks. Stay tuned for more news, and make sure to keep an eye on the market as well.