CEO Zubin Koticha and co-founder Alexis Gauba have decided to leave the crypto company, citing recent personal complaints against Opyn management by the US Commodity Futures Trading Commission (CFTC).
“We’ve spent the last six years working on incredible things in structured products and derivatives that would never have been possible with traditional finance. We thought we would be in crypto for the rest of our lives, but unfortunately this is the end of the road,” Kotic said.
Opyn was previously charged by the CFTC with failing to register as a swap execution center and contract market, failing to register as a futures commission trader, and failing to adopt a customer identification program to comply with the Bank Secrecy Act.
“The assets offered to Opyn clients were found to be leveraged or margined swaps and retail commodity transactions. Consequently, they can only be offered to retail users on an exchange registered in accordance with the rules of the CEA and CFTC,” the regulator said in the charge.
Opyn was fined $250,000 by the CFTC for allegedly operating an illegal retail commodity offering using leveraged funds and margined digital assets.
In September, the CFTC issued a statement that the existence of decentralized cryptocurrency platforms poses a “clear threat” to all regulated market participants.
Source: Bits
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