The founders of the OPNX exchange, Kyle Davies and Su Zhu, have been successful in obtaining a virtual asset service provider license (VASP) from the authorities in Lithuania. This achievement represents a significant step in their strategy to expand their operations across the globe.
OPNX to Offer Crypto Services in the EU
With the help of this license, OPNX will be able to provide spot cryptocurrency exchange services across the entirety of the European Union (EU), all while adhering to the highest possible compliance and security standards. The exchange is very committed to following the rules set by regulators.
To do so, it has set up a full Know Your Customer (KYC) and Anti-Money Laundering (AML) system in line with EU rules. It took this big step to make their business more consistent and to get more customers by giving them better internet security and a safe place to trade.
Chief Executive Officer of OPNX, Leslie Lamb, talked about how important it was to get the VASP license and how the company sees this as a big step toward their goal of serving cryptocurrency users all over the world.
However, in an interview with Cointelegraph, Lamb clarified that despite the fact that the license allows OPNX to operate in the European region, certain jurisdictions within the EU require additional licenses for certain services.
In order to broaden the range of services it provides to customers located within the EU, OPNX is making concerted efforts to acquire the necessary licenses, with VASP license being their first step to it.
It’s important to point out that OPNX has been mired in controversies ever since it was established, primarily as a result of the histories of its founders and their ties to other failed businesses in the past.
While Mark Lamb and Sudhu Arumugam were involved in the defunct cryptocurrency exchange CoinFLEX, Kyle Davies and Su Zhu were instrumental in the founding of the defunct cryptocurrency hedge fund Three Arrows Capital (3AC). OPNX detractors contend that the associations cited above give rise to legitimate safety concerns regarding the exchange.
According to OPNX, these complaints are unfair because they help bankruptcy cases end by letting creditors sell bankruptcy claims and speed up the payment process. In spite of the contentious nature of its past, OPNX is intent on increasing the scope of its operations within the EU.
To this end, it has recently obtained a VASP license, which will serve as the organization’s primary legal basis. Lamb stresses that the license gives OPNX the right to offer spot trading services all over the EU.
OPNX will Add More Services in the Future
They plan to add more services as soon as they get the right licenses. Just because something went wrong in the past doesn’t mean it will always be that way – it seems things might be turning around in this case.
This action is in line with the larger trend of cryptocurrency exchanges seeking regulatory approvals and licenses to bolster their credibility and expand their market presence, as demonstrated by the move that has just been taken.
The fact that OPNX is proactive about compliance and plans to get more licenses shows that it is serious about navigating the regulatory landscape and giving crypto users in the EU a safe and compliant platform.