On August 16, VARA, the Virtual Assets Regulatory Authority in Dubai, UAE, intensified its measures against the cryptocurrency exchange, Open Technology Markets Ltd. (OPNX). This comes after prior alerts from April 2023 about the exchange's behavior. Furthermore, the authority imposed fines on both the exchange and its leaders.
On May 2, the exchange faced a penalty of $2.7 million for neglecting Dubai's regulations on virtual assets, especially concerning marketing and advertisement. However, OPNX has not cleared this fine. VARA's involvement arises from claims hinting at a potential bankruptcy.
The Grievance Committee of the regulator reviews all such fines, ensuring that they abide by the law. Their support for the actions taken against OPNX reinforces the legitimacy of the fines.
Since the fine remains unpaid, VARA is
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First found on: VARA Intensifies Actions Against OPNX Exchange
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