Dubai's crypto regulator, the Virtual Assets Regulatory Authority (VARA), has formally reprimanded OPNX, a bankruptcy claims exchange set up by the founders of collapsed hedge fund Three Arrows Capital (3AC), for operating an unregulated exchange. The reprimand was sent to OPNX's founders Kyle Davies, Su Zhu, Mark Lamb, Sudhu Arumugam, and CEO Leslie Lamb.

OPNX allows investors to trade bankruptcy claims for companies like FTX and CoinFLEX, but has had a rocky start, with under $2 traded in its first 24 hours. Trading firms SIG and DRW, as well as venture-capital firm Nascent, all claimed by OPNX to be "major investors" in the project, have denied involvement. Davies and Zhu were also the subject of court orders in the British Virgin Islands and the U.S. after being accused of refusing to engage in proceedings that followed 3AC's bankruptcy.