According to a official notification, Dubai’s crypto regulator has formally reprimanded OPNX for operating an unregulated cryptocurrency exchange.

The regulator issued two cease-and – desist orders in February and March for marketing OPNX to residents of Dubai, the United Arab Emirates, and other countries.

Dubai’s Virtual Assets Regulatory Authority issued a statement saying that “VARA continues to actively monitor and investigate OPNX’s activity in order to assess any further corrective actions required to protect market.”

The regulator also reprimanded OPNX’s founders Mark Lamb, Sudhu Arumugam, and Chief Executive Officer Leslie Lamb.

OPNX has had a rocky launch, with less than 2 traded in the first 24 hours after its opening. has denied‘s involvement with trading firms Susquehanna International Group, DRW and venture capital firm Nascent – all of whom OPNX claims to be “major” investors in the project.

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Davies and Zhu, accused of refusing participation in bankruptcy proceedings, were ordered to appear in court in March in both the British Virgin Islands and the United States.

Data from CoinMarketCap shows that after Bloomberg had reported earlier on VARA’s announcement, the token FLEX of CoinFLEX was down by 5% at press time.

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Update (May 2, 10:21 UTC): Adds FLEX token price movement in last paragraph

Sandali Handagama is the editor.