Open Exchange (OPNX), previously known as Coinflex, has announced its closure this February. Once a hub for crypto derivatives and claims trading, the platform is winding down its operations. In a recent communication, the OPNX team expressed gratitude to its community and outlined key dates for its user base. 

According to the email, users must settle all positions by February 7, 8 a.m. UTC, before the platform steps in to automatically handle the remaining open positions. Furthermore, the window to withdraw funds and export historical data remains open until February 14.

OPNX’s Link to Regulatory Challenges

The decision comes amid a backdrop of regulatory challenges and controversies. Notably, OPNX, despite its efforts to navigate regulatory waters—including securing a VASP license from Lithuania to extend services across the EU—could not evade the shadows of its past associations. 

The platform’s links to Kyle Davies and Su Zhu, the now-defunct Three Arrows Capital’s co-founders, cast a long shadow. These figures faced a substantial ban from the Monetary Authority of Singapore, barring them from significant financial activities and raising questions about the future of OPNX.

Fines and Regulatory Scrutiny

In addition, OPNX struggled with the heavy penalties from Dubai’s Virtual Assets Regulatory Authority (VARA) as per Coingape. These fines, which totaled approximately $ 2.8 million, were imposed against the violations of marketing and advertising standards. 

The combination of this penalty, as well as the penalties imposed on individual founders, emphasized the aggravated regulatory control that the platform faced.

User Action and Next Steps

In light of these events, OPNX has made arrangements to guarantee a structure closure procedure. The efforts devoted to a smooth exit point out the importance and seriousness of such decision-making, which can ensure the safety of users. With the platform set to close down, users are advised to act quickly by settling positions and claiming their assets according to specified timeframes.

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The post OPNX Announces Closure: Users Given Until Feb. 14 for Withdrawals appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am