3AC founders fined by Dubai regulator over OPNX exchange
The founders of the collapsed digital asset hedge fund Three Arrows Capital (3AC) Kyle Davies and Su Zhu are now facing a fine issued by Dubai’s dedicated crypto regulator over the OPNX exchange.
On Aug. 16, Dubai’s Virtual Asset Regulatory Authority (VARA) published a notice of fines for the OPNX exchange. The regulator said that it has issued a fine of 10 million United Arab Emirates dirhams (around $2.7 million) for violations of its market regulations and noted that the fine remains unpaid.
Apart from the exchange, VARA also announced that it also issued a fine of 200,000 AED (around $54,000) to executives of the OPNX, including Davies, Zhu, Mark Lamb and its CEO, Leslie Lamb. The fine issued was for violations of the marketing, advertising and promotions laws of Dubai. According to the regulator, the individuals mentioned have already paid their dues.
As the $2.7 million fine remains unpaid, VARA said that it would “determine consequential actions warranted against OPNX.” The regulator highlighted that it may include further penalties or more fines or even take the necessary actions to recover the payment. This may include “referring the matter to any law enforcement agency(ies) or competent courts,” according to VARA.
Related: Lawyer explains new federal virtual asset law in the United Arab Emirates
OPNX was founded earlier this year by the 3AC co-founders as well and CoinFLEX founder Mark Lamb. On its first day, the exchange showed a trading volume of only $13.64. However, the exchange’s daily trading volume had shot up to $30 million by late June.
The Dubai regulator has been taking a firm stance on crypto violations this year. On July 10, VARA suspended the license of crypto exchange BitOasis, the first exchange to get an operating license in the emirate, for not meeting mandated conditions within a deadline by the regulator.
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Politics
MP Zarah Sultana who was ousted from Labour announces she is starting new political party with Jeremy Corbyn
An MP who was ousted from the Labour Party has announced she is setting up a new political party with Jeremy Corbyn.
Independent MP Zarah Sultana said she and the former Labour leader will co-lead the new party, which she did not provide a name for.
She said other independent MPs, campaigners and activists from across the country will join them, but did not name anyone.
Politics latest: Zarah Sultana’s stinging resignation letter
Ms Sultana also said she was “resigning” from the Labour Party after 14 years.
She was suspended as a Labour MP shortly after they came to power last summer for voting against the government maintaining the two-child benefit cap.
Several others from the left of the party, including Mr Corbyn, were also suspended for voting against the government, and also remained as independent MPs.
However, Ms Sultana was still a member of the Labour Party – until now.
Mr Corbyn has previously said the independent MPs who were suspended from Labour would “come together” to provide an “alternative.
The other four are: Iqbal Mohamed, Shockat Adam, Ayoub Khan and Adnan Hussain.
Mr Corbyn and the other four independents have not said if they are part of the new party Ms Sultana announced.
In her announcement, Ms Sultana said she would vote to abolish the two-child benefit cap again and also voted against scrapping the winter fuel payment for most pensioners.
Ms Sultana also voted against the government’s welfare bill this week, which was heavily watered down as Sir Keir Starmer tried to prevent a major rebellion from his own MPs.
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Protesters block Israeli arms manufacturer in Bristol
On Wednesday, Ms Sultana spoke passionately against Palestine Action being proscribed as a terror organisation – but MPs eventually voted for it to be.
She said to proscribe it is “a deliberate distortion of the law to chill dissent, criminalise solidarity and suppress the truth”.
Ms Sultana said they were founding the new party because “Westminster is broken but the real crisis is deeper – just 50 families now own more wealth than half the UK population”.
She called Reform leader Nigel Farage “a billionaire-backed grifter” leading the polls “because Labour has completely failed to improve people’s lives.
Ms Sultana called Nigel Farage a ‘billionaire-backed grifter’. Pic: PA
The MP, who has spoken passionately about Gaza, added: “Across the political establishment, from Farage to Starmer, they smear people of conscience trying to stop a genocide in Gaza as terrorists.
“But the truth is clear: this government is an active participant in genocide. And the British people oppose it.
“We are not going to take this anymore.”
A Labour Party spokesperson said: “In just 12 months, this Labour government has boosted wages, delivered an extra four million NHS appointments, opened 750 free breakfast clubs, secured three trade deals and four interest rate cuts lowering mortgage payments for millions.
“Only Labour can deliver the change needed to renew Britain.”
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