OPNX fined $2.7 million in UAE for flouting marketing laws
On Aug. 16, the Dubai Virtual Assets Regulatory Authority (VARA) in the United Arab Emirates (UAE) escalated its actions against Open Technology Markets Ltd. (OPNX), a crypto exchange. This follows previous notices in April 2023 concerning the exchange’s conduct. The regulator also fined the exchange and its executives. On May 2, OPNX was fined $2.7 million for flouting Dubai’s Virtual Assets and Related Activities regulations revolving around marketing and promotion. The exchange is yet to pay the penalty. You might also like: OKX Middle East receives MVP preparatory license from VARA in Dubai VARA is intervening in response to alleged bankruptcy claims. All penalties are reviewed by the regulator’s Grievance Committee, in compliance with the law. The Committee’s endorsement of enforcement actions against OPNX justifies the fines levied. Since OPNX is yet to pay, VARA is actively considering additional steps to ensure compliance. These may...