OPNX Secures Lithuania VASP License; Paves Way for EU Expansion Amid Controversies
Summary:
OPNX, a cryptocurrency exchange, has obtained a virtual asset service provider (VASP) license in Lithuania, allowing it to offer spot crypto trade services across the European Union. The license demands high compliance and security standards, including strong Know Your Customer and Anti-Money Laundering systems. Despite this development, some OPNX services might remain unavailable in specific EU regions until additional licenses are procured. Since OPNX's establishment by founders associated with past business insolvencies, it has faced criticism. However, OPNX asserts that it aids bankruptcy creditors by facilitating faster payments.
OPNX, a cryptocurrency exchange, has secured a virtual asset service provider (VASP) license in Lithuania. This step enables it to offer spot cryptocurrency exchange services throughout the European Union, as per an announcement dated November 8 noticed by Cointelegraph. According to the OPNX team, their procurement of this license demands them to maintain the highest level of compliance and security. The team further stated that they have successfully established a sturdy Know Your Customer and Anti-Money Laundering system, aligning with EU policies.
OPNX CEO, Leslie Lamb, mentioned that earning the VASP license from Lithuania's authority delineates a significant step forward in OPNX's global growth and in their objective to cater to cryptocurrency users worldwide. She, however, notified Cointelegraph that certain OPNX services might still be inaccessible in specific regions within the EU. Lamb explained that this license empowers them to serve the European populace, but certain specific licenses are also required to operate certain services within particular EU jurisdictions. She added that OPNX is currently striving to secure those additional licenses. Nevertheless, the existing license facilitates OPNX to offer spot trading services all over the EU, with additional services expected to be available as they obtain more licenses.
It should be mentioned that OPNX has faced controversies since its establishment. The founders of the now-defunct cryptocurrency hedge fund Three Arrows Capital (3AC), Kyle Davies and Su Zhu alongside Mark Lamb and Sudhu Arumugam, who founded the failed crypto exchange CoinFLEX, initiated OPNX. Critics have deemed OPNX to be unsafe due to its links with these past insolvencies. OPNX, however, contends that they are facilitating bankruptcy creditors by enabling them to sell bankruptcy claims and allowing faster payments.
Published At
11/8/2023 2:00:00 PM
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