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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Magazine: Best and worst countries for crypto taxes — Plus crypto tax tips
Current laws in the United States do not explicitly protect open source software developers and create the risk of retroactive prosecution.
Jeremy Kranz, founder of Sentinel Global, a venture capital firm, said investors should be “discerning” and read the fine print on any stablecoin.
Politics
Labour deputy leadership candidate accuses opponent’s team of ‘throwing mud’ and briefing against her
Lucy Powell has accused Bridget Phillipson’s team of “throwing mud” and briefing against her in the Labour deputy leadership race in a special episode of Sky’s Electoral Dysfunction podcast.
With just days to go until the race is decided, Sky News’ political editor Beth Rigby spoke to the two leadership rivals about allegations of leaks, questions of party unity and their political vision.
Ms Powell told Electoral Dysfunction that through the course of the contest, she had “never leaked or briefed”.
But she said of negative stories about her in the media: “I think some of these things have also come from my opponent’s team as well. And I think they need calling out.
“We are two strong women standing in this contest. We’ve both got different things to bring to the job. I’m not going to get into the business of smearing and briefing against Bridget.
“Having us airing our dirty washing, throwing mud – both in this campaign or indeed after this if I get elected as deputy leader – that is not the game that I’m in.”
Ms Powell was responding to a “Labour source” who told the New Statesman last week: “Lucy was sacked from cabinet because she couldn’t be trusted not to brief or leak.”
Ms Powell said she had spoken directly to Ms Phillipson about allegations of briefings “a little bit”.
Bridget Phillipson (l) and Lucy Powell (r) spoke to Sky News’ Beth Rigby in a special Electoral Dysfunction double-header. Pics: Reuters
Phillipson denies leaks
But asked separately if her team had briefed against Ms Powell, Ms Phillipson told Rigby: “Not to my knowledge.”
And Ms Phillipson said she had not spoken “directly” to her opponent about the claims of negative briefings, despite Ms Powell saying the pair had talked about it.
“I don’t know if there’s been any discussion between the teams,” she added.
On the race itself, the education secretary said it would be “destabilising” if Ms Powell is elected, as she is no longer in the cabinet.
“I think there is a risk that comes of airing too much disagreement in public at a time when we need to focus on taking the fight to our opponents.
“I know Lucy would reject that, but I think that is for me a key choice that members are facing.”
She added: “It’s about the principle of having that rule outside of government that risks being the problem. I think I’ll be able to get more done in government.”
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Insider vs outsider
But Ms Powell, who was recently sacked by Sir Keir Starmer as leader of the Commons, said she could “provide a stronger, more independent voice”.
“The party is withering on the vine at the same time, and people have got big jobs in government to do.
“Politics is moving really, really fast. Government is very, very slow. And I think having a full-time political deputy leader right now is the political injection we need.”
The result of the contest will be announced on Saturday 25 October.
The deputy leader has the potential to be a powerful and influential figure as the link between members and the parliamentary Labour Party, and will have a key role in election campaigns. They can’t be sacked by Sir Keir as they have their own mandate.
The contest was triggered by the resignation of Angela Rayner following a row over her tax affairs. She was also the deputy prime minister but this position was filled by David Lammy in a wider cabinet reshuffle.
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