OPNX Forays Into European Union with VASP License in Lithuania

• The platform’s detractors argue that the exchange is risky due to its history.
• OPNX’s license will enable it to provide spot trading services throughout the EU.

According to a November 8 announcement, the cryptocurrency trading platform OPNX has been granted a virtual asset service provider license (VASP) in Lithuania, enabling it to provide spot cryptocurrency trading services within the European Union.

Lithuania’s regulatory environment for the cryptocurrency sector is well-defined and organized. The group reports that in order to get a VASP license, an exchange must go through a stringent regulatory procedure that demands the greatest levels of compliance and security. The group asserts that they have a “robust” KYC and Anti-Money Laundering system in place to meet EU requirements.

OPNX CEO Leslie Lamb stated:

“Securing the VASP license from Lithuanian authorities is a significant milestone in OPNX’s worldwide expansion and our mission to serve crypto users across the globe.”

Strategic Expansion

Lamb noted that certain OPNX services may still be inaccessible in some locations inside the EU. According to Lamb, this license allows them to serve the European area; but, to run particular services in certain EU states, further licenses are necessary; OPNX is now working to get these licenses.

However, OPNX’s license will enable it to provide spot trading services throughout the EU; if further licenses are obtained, other services will also be made accessible.

Since its beginning, OPNX has been a contentious trading platform. OPNX was formed by Mark Lamb and Sudhu Arumugam, who also launched the defunct cryptocurrency exchange CoinFLEX, and by Kyle Davies and Su Zhu, who previously founded the defunct cryptocurrency hedge fund Three Arrows Capital (3AC).

OPNX’s detractors argue that the exchange is risky due to its history of being linked to failed businesses. However, the exchange asserts that it aids bankruptcy creditors by facilitating the sale of bankruptcy claims and the subsequent expedited payment of those claims.

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