Opyn Co-founders Koticha and Gauba Exit Crypto World Following CFTC Enforcement Action
Summary:
Zubin Koticha and Alexis Gauba, co-founders of DeFi protocol Opyn, are stepping down following an enforcement action by the US Commodity and Futures Trading Commission. Their announced departure from the crypto world is reportedly emotional. Andrew Leone, Opyn's head of research, will take over as CEO. The Opyn platform, faced a penalty of $250,000 for running an unregistered derivatives exchange. Nowadays, US-based IP attempts to access the Opyn interface result in a block.
On November 14, Zubin Koticha and Alexis Gauba, the co-founders of the decentralized finance (DeFi) platform Opyn, announced their departure from the project and the crypto world. Their decision came two months after the US Commodity and Futures Trading Commission (CFTC) enforced action against Opyn. Expressing their sadness over leaving the crypto world—where they expected to stay permanently—they hinted at working on a non-crypto-related project soon.
In his social media statement, Zubin Koticha termed it as the "end of the road," stating their decision was a deeply emotional one. Andrew Leone, head of research at Opyn, will now lead as CEO, ensuring the project continues. Alexis Gauba shared Koticha's sentiment, expressing her sadness about not being able to contribute to the crypto world any longer.
Opyn, an Ethereum network-based options trading platform, is based in San Francisco, CA, and faced a legal collaboration among three DeFi teams for allegedly running an unregistered derivatives exchange. Declared on September 7, the CFTC ordered Opyn to pay a $250,000 fine and discontinue breaching US commodity trading regulations. Now, attempts to access the Opyn interface from a US-based IP results in a block. Interestingly, this block remains active even for many offshore VPNs.
Though the CFTC action against Opyn garnered attention, disagreement emerged within the commission itself. Commissioner Summer Mersinger dissented, claiming that the enforcement action was unjustified.
Published At
11/14/2023 5:00:00 PM
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