Dubai's Crypto Authority Fined OPNX $2.7 million

Dubai's crypto watchdog gave a $2.7 million fine to OPNX, a company by Kyle Davies and Su Zhu, for wrong ways in advertising digital money. The company hasn't paid this fine yet.

The Virtual Asset Regulatory Authority (VARA) asked for the fine on May 2. Davies, Zhu, and two others also had to pay another fine of 200,000 Emirati dirhams ($54,451) because they didn't follow advertising rules. They have paid this fine.

Since the big fine isn't paid, VARA plans to take more actions against OPNX. They might ask for more money or find other ways to get paid.

In May, VARA said OPNX advertised their service wrongly for people in Dubai. They found out in February that the company was possibly collecting personal data.

In April, VARA told OPNX to stop some of their actions. Even after this, people in the UAE got ads from OPNX.

Leslie Lamb, the head of OPNX, said their company started in Hong Kong. They tried to stop people in the UAE from using their service. She said,we have no Dubai or UAE customers and do full [know-your-customer checks] on all users,

Reported by Coinpaprika News