Dubai Reprimands Three Arrows Founders Over New Crypto Project

Dubai authorities reprimanded the co-founders of failed crypto hedge fund Three Arrows Capital for operating and promoting their new digital-asset exchange OPNX without the required local license.

Dubai’s Virtual Assets Regulatory Authority issued a written reprimand to Su Zhu and Kyle Davies, as well as OPNX’s two other co-founders and its chief executive, on April 18, according to a statement from the regulator. VARA said it will keep investigating OPNX’s activity “to assess further corrective measures that may be required.”

The action against OPNX is the latest sign of Dubai regulators taking a stricter approach toward crypto, even as ...