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OPNX, or Open Exchange, a bankruptcy claims and crypto exchange, revealed it would shut down its platform this month. The company said users have until Feb. 7 to settle all transactions and withdraw their assets by Feb. 14.
Discontinuation of Operations
OPNX was established by the co-founders (Su Zhu and Kyle Davies) of Three Arrows Capital, a cryptocurrency hedge fund that collapsed in June 2022. According to CoinTelegraph, the platform said it would stop all business operations on Valentine's Day.
In its email to users, OPNX strongly urged them to resolve all positions immediately. They must also take out their funds immediately to make sure they will not be lost once the withdrawal function on the platform is disabled on the said date. In any case, after the announcement of its closure, the price of OPNX's native token, called OX, plunged by 38% from a price of $0.01 down to $0.006.
What Led to the Shutdown
CoinGape reported that OPNX made the decision to close its operations due to regulatory challenges and a series of controversies. It was mentioned that the exchange exerted efforts to avoid regulatory issues.
For instance, it has obtained a Virtual Asset Service Provider (VASP) license from Lithuania to expand its services in the EU, but it could not escape from the shadows of its past associations; thus, the regulators still find issues with OPNX's operations.
Additionally, OPNX was hit with hefty fines from the Virtual Assets Regulatory Authority (VARA) of Dubai. The platform was fined around $ 2.8 million for alleged violations of the region's marketing and advertising standards.
Finally, as it closes its services, The Block quoted the OPNX team as saying, "We are deeply thankful to each member of the OPNX community for their dedication and trust. As we conclude this chapter, we cherish the experiences shared and look ahead with gratitude."
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