The Dubai Virtual Assets Regulatory Authority (VARA) in the UAE has intensified its crackdown on Open Technology Markets Ltd. (OPNX), a crypto exchange, after issuing warnings in April 2023 about its activities. The regulator has also imposed a hefty fine on the exchange and its executives.

OPNX violated Dubai’s regulations on virtual assets and related activities, especially in terms of marketing and promotion. As a result, VARA slapped the exchange with a $2.7 million fine on May 2.

However, OPNX has not paid the fine yet. VARA’s actions are also motivated by alleged bankruptcy claims against the exchange.

The regulator’s Grievance Committee reviews all penalties in accordance with the law. The Committee has confirmed the enforcement actions against OPNX, validating the fines imposed.

VARA is exploring further measures to ensure compliance from OPNX. These may include additional fines, penalties, or even legal or law enforcement actions, if necessary.