Users are being asked to settle their holdings by February 7 and remove cash by February 14, as the suspension of Open Exchange (OPNX), previously known as Coinflex, is announced.
In spite of making an attempt to comply with regulations, including obtaining a VASP license, OPNX had difficulties due to links to controversial people and severe fines imposed by regulatory bodies, which ultimately led to its demise.
A major announcement in the cryptocurrency industry has come from Open Exchange (OPNX), previously known as Coinflex, which announced that it would be ceasing operations in February. A site that was once a hive of activity for trading crypto derivatives and claims has shut down.
To make sure its customers are prepared for the shutdown, OPNX has shared important information with them as part of its closure strategy.
In its message, the OPNX team not only thanked the platform’s users for its growth but also laid down important due dates. All open jobs must be closed by 8 a.m. UTC on February 7 for platform users. If there are any unfilled jobs beyond the deadline, the platform will handle them automatically. Also, until February 14th, customers may still withdraw funds and download historical data from the site. This gives users plenty of time to protect their investments and data.
The decision to cease operations is the result of a chain reaction, beginning with the platform’s many regulatory hurdles and continuing with the numerous scandals that have dogged it. OPNX has taken the initiative to successfully traverse the intricate regulatory environment. As part of this strategy, it expanded its services beyond the European Union by obtaining a Virtual Asset Service Provider (VASP) license from Lithuania. But none of it was enough to save OPNX from the scandals that dogged it in the past.
Kyle Davies and Su Zhu, co-founders of the now-defunct Three Arrows Capital, are two prominent personalities with ties to the platform that have thrown a shadow over its activities. There are serious concerns over the future and stability of OPNX due to the tough measures taken by the Monetary Authority of Singapore, which severely restricted the engagement of these individuals in important financial operations and put a substantial ban on them. As an additional source of the platform’s regulatory problems, the association has drawn attention and caused friction.