### The co-founders of Three Arrows Capital (3AC), a now-collapsed crypto hedge fund, have found themselves in hot water once again over their latest project, OPNX. Two out of three co-founders were issued a written reprimand by Dubai's Virtual Assets Regulatory Authority (VARA) for operating their claims exchange, OPNX, on an unregulated basis.

According to reports, the regulator alleged that OPNX had been promoting its exchange in the country through social media channels without implementing necessary limitations for Dubai and United Arab Emirates residents. VARA became aware of the exchange as early as February through marketing campaigns targeting potential customers before the exchange was even launched.



The move by Dubai's regulators is a warning to other exchanges that might consider operating in the region without first obtaining the necessary regulatory approval. Dubai's regulators take a dim view of unregulated activity in the crypto market, which is why they have come down hard on OPNX's founders. 



In a statement, VARA said that they are continuing to monitor the situation and investigate OPNX's activity to determine whether further corrective measures are necessary to protect the market.



As the crypto market matures, it is expected that regulatory scrutiny will only increase, making compliance and regulatory approval essential for companies looking to operate in the space. The recent reprimand by Dubai's VARA serves as a reminder to all crypto exchanges that regulatory oversight is necessary to ensure market integrity and protect consumers.

The co-founders of Three Arrows Capital (3AC), a now-collapsed crypto hedge fund, have found themselves in hot water once again over their latest project, OPNX. Two out of three co-founders were issued a written reprimand by Dubai's Virtual Assets Regulatory Authority (VARA) for operating their claims exchange, OPNX, on an unregulated basis.

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