The co-founders of failed crypto hedge fund Three Arrows Capital (3AC) — Su Zhu and Kyle Davies — have run into fresh trouble over operating and promoting their new digital-asset platform, Open Exchange or OPNX, without the required local license in Dubai.
According to a report published in Bloomberg, Dubai’s Virtual Assets Regulatory Authority (VARA) sent a written notice to Zhu and Davies along with two other OPNX executives. In a statement to Bloomberg, VARA said it is still investigating the exchange’s activities and reportedly assured corrective measures would be taken against the firm for violating laws.