OPNX fined $2.7 million in UAE for flouting advertising and marketing legal guidelines
On Aug. 16, the Dubai Digital Property Regulatory Authority (VARA) within the United Arab Emirates (UAE) escalated its actions towards Open Know-how Markets Ltd. (OPNX), a crypto trade.
This follows earlier notices in April 2023 in regards to the trade’s conduct. The regulator additionally fined the trade and its executives.
On Could 2, OPNX was fined $2.7 million for flouting Dubai’s Digital Property and Associated Actions laws revolving round advertising and marketing and promotion. The trade is but to pay the penalty.
VARA is intervening in response to alleged chapter claims.
All penalties are reviewed by the regulator’s Grievance Committee, in compliance with the regulation. The Committee’s endorsement of enforcement actions towards OPNX justifies the fines levied.
Since OPNX is but to pay, VARA is actively contemplating further steps to make sure compliance. These might embrace extra fines, penalties, and even participating with regulation enforcement or authorized avenues, if mandatory.
A number of exchanges, together with Kraken, Binance, and Bybit, have opened places of work in Dubai lately. This pattern will possible proceed as Dubai cements its place as a number one expertise hub.
In Could 2023, VARA warned Bybit, notifying the crypto trade that it should adjust to UAE’s regulation if a license is issued.
In March, the Dubai Monetary Providers Authority (DFSA) issued a assertion calling for larger collaboration amongst regulators within the combat towards crypto scams.
