Crypto Dubai Imposes $2.7 Million Fine on Three Arrows Capital Founders Zhu & Davies

Dubai authorities have levied a significant $2.7 million fine against Su Zhu and Kyle Davies, the co-founders of the now-defunct crypto hedge fund, Three Arrows Capital (3AC). This latest enforcement action stems from their involvement in the new digital-asset exchange, OPNX, and marks a continued effort by Dubai to regulate the burgeoning virtual asset space.

Regulatory authorities in Dubai issued the penalty due to compliance violations at OPNX, co-founded by Kyle Davies and Su Zhu. Dubai's Virtual Assets Regulatory Authority (VARA) acted against the duo following the collapse of Three Arrows Capital, which sent shockwaves through the crypto market.

The hefty fine highlights Dubai's commitment to enforcing stringent regulations within the digital asset sector. The Crypto exchange OPNX, co-founded by Kyle Davies and Su Zhu who established the now-defunct hedge fund Three Arrows Capital (3AC), has apparently not paid, deepening the controversy. The penalty comes in the wake of the Three Arrows Capital downfall, adding further scrutiny to Zhu and Davies' activities.

This is not the first time the founders of Three Arrows Capital have faced repercussions. The founders of Three Arrows Capital, the failed crypto hedge fund, Su Zhu and Kyle Davies, are facing a new fine in Dubai over their new digital-asset exchange, OPNX. The fine imposed by Dubai: Dubai authorities fined the co-founders of failed crypto hedge fund Three Arrows Capital in their latest enforcement action against the duo’s new digital-asset exchange.

Stay updated on the latest developments in crypto regulation and enforcement actions in Dubai. We will continue to monitor this story and provide updates as they become available.