OPNX, a cryptocurrency exchange co-founded by Kyle Davies and Su Zhu, has successfully acquired a virtual asset service provider (VASP) license from Lithuania. With this license, the exchange is now authorized to offer spot crypto exchange services throughout the European Union.

High Compliance and Security Standards

The licensing comes with a strong emphasis on OPNX’s commitment to upholding the highest compliance and security standards. The exchange has already put in place a robust Know Your Customer (KYC) and Anti-Money Laundering (AML) system to ensure strict adherence to EU regulations. Leslie Lamb, CEO of OPNX, highlighted the significance of this achievement, noting that it marks a pivotal moment in the exchange’s global expansion and its mission to cater to crypto users worldwide; however, Lamb clarified that to provide certain services in specific EU jurisdictions, OPNX will need additional licenses, which they are actively pursuing.

Addressing Controversies

Despite controversies surrounding the founders’ past involvements in bankruptcies within the cryptocurrency industry, OPNX remains dedicated to meeting regulatory standards. The exchange stands by its commitment to facilitating bankruptcy creditors in selling their claims and receiving payments promptly. The recent licensing in Lithuania sets the stage for OPNX to extend its services to a wider European audience, offering spot crypto trading services. While facing scrutiny over the founders’ previous ventures, OPNX vows to ensure compliance and expand its services in line with the evolving cryptocurrency industry.

FAQ

What is the significance of OPNX obtaining a virtual asset license from Lithuania?

OPNX securing a VASP license from Lithuania allows the exchange to provide spot crypto exchange services throughout the European Union, marking a crucial step in its global expansion and mission to serve crypto users across the globe.

How is OPNX addressing controversies surrounding its founders’ previous involvements in bankruptcies?

Despite concerns raised about the founders’ associations with prior bankruptcies in the cryptocurrency industry, OPNX is committed to meeting regulatory standards and assisting bankruptcy creditors in selling their claims and receiving payments promptly.

What are OPNX’s plans following the acquisition of the virtual asset license from Lithuania?

Following the acquisition of the virtual asset license from Lithuania, OPNX is actively working to obtain additional licenses to broaden its service offerings throughout the EU and ensure compliance with specific EU jurisdictions.