Crypto exchange OPNX secured a virtual asset license for EU operations.
The exchange will have to adhere to high compliance and security standards.
OPNX plans to acquire additional licenses for broader service offerings throughout the EU.
OPNX, the cryptocurrency exchange founded by Kyle Davies and Su Zhu, has obtained a virtual asset service provider (VASP) license from Lithuania.
The exchange can now offer spot crypto exchange services throughout the European Union.
High standards of compliance and security
The licensing announcement emphasizes OPNX’s commitment to adhering to the highest standards of compliance and security. In pursuit of this goal, the exchange has already implemented a robust Know Your Customer (KYC) and Anti-Money Laundering (AML) system to ensure it complies with EU regulations.
Leslie Lamb, CEO of OPNX, expressed the importance of this achievement, stating, “Securing the VASP license from Lithuanian authorities is a significant milestone in OPNX’s worldwide expansion and our mission to serve crypto users across the globe.”
However, Lamb clarified that while this license allows OPNX to provide spot trading services throughout the EU, some jurisdictions within the EU may require specific licenses to operate certain services. OPNX is actively working to acquire these additional licenses to broaden its service offerings.
Controversies facing OPNX and its reply
OPNX has faced controversy due to its founders’ associations with prior bankruptcies in the cryptocurrency industry. Kyle Davies and Su Zhu were also involved in the bankrupt crypto hedge fund Three Arrows Capital (3AC), and Mark Lamb and Sudhu Arumugam founded the bankrupt crypto exchange CoinFLEX.
Critics have raised concerns about the safety of using OPNX, but the exchange asserts that it is assisting bankruptcy creditors by enabling them to sell their bankruptcy claims and receive payments more swiftly.
The licensing of OPNX in Lithuania allows the exchange to extend its services to a broader European audience, offering spot crypto trading services. While controversy surrounds its founders’ previous ventures, OPNX remains committed to meeting regulatory standards and expanding its services in line with the evolving cryptocurrency industry.
With a focus on compliance and security, OPNX aims to serve the cryptocurrency community within the EU while actively working to obtain the necessary licenses for other services in specific EU jurisdictions.
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