Crypto Exchange OPNX Established by Founders of Bankrupt Three Arrows Capital Shutting Down 

Considered a ‘home for persons affected by crypto catastrophes,’ the Open Exchange is ready for its end.

In an email to clients, the Open Exchange, created as a ‘home and answer for persons affected by crypto disasters,’ is being closed down. The OPNX pitch was entrenched in the scandal and a crypto industry affected by failures. Clients affected by the crypto collapse could trade their unsettled recovery claims or utilize them as security.  

OPNX Existence Doubtful as Founders Hint Shutting Down Operations

Kyle Davis and Su Zhu co-founded Open Exchange and created the nonoperational Three Arrows Capital investment company. At the time, the two said that founders who get to greater heights and later fall learn the most crucial lessons and, thus, contribute the most. Using the wisdom acquired to establish an open, stronger, and transparent financial world for all people is mandatory.

Chief executive officer Mark Lamb, previously of CoinFlex, led the exchange that later launched with FLEX. Later, the company transformed from FLEX to the OX token, calling it ‘OPNX’s staking, native fee-paying, and governance token.’

OPNX Lacks Proper Licensing in Dubai

In the summer of 2023, OPNX included FTX insolvency claims in its marketplace, with Dubai regulators noting that the exchange lacked proper licensing. Additionally, the firm’s efforts to acquire Hodlnaut, a fallen crypto lender, were unsuccessful. The firm’s latest announcement was in November last year after being licensed to operate in Lithuania.

The reason for the immediate shutdown was not provided, and despite a request for comment, OPNX has not replied. An email to the ‘OPNX Community’ revealed that the OPNX.com website ‘is going to officially stop activities and close down in February this year.’

OPNX Assures Proper Closure to Clients

The email also noted the firm’s dedication to guaranteeing a proper closure for clients. It gave a list of suggested actions for customers to take, including settling unresolved positions by February 7 and taking out funds and exporting information by February 14.

This news shocked members of an OX token Telegram group connected from the OPNX.com homepage. They deliberated about the future without an official announcement from the firm. 

A member wrote that one has to acknowledge them for swiftly changing directions after realizing that OPNX was not working as intended. Another one wrote that despite the exchange being gone, some admitted surprise as they never foresaw such end.

Editorial credit: Hasbi Sahin / Shutterstock.com