Founding Team of Opyn Resigns Amid Legal Pressures from CFTC
Introduction
The founding team of Opyn, a prominent DeFi protocol, has announced their resignation following increased legal pressures from the Commodity Futures Trading Commission (CFTC).
CEO's Announcement
CEO Zubin Koticha announced on his personal X account that he and co-founder Alexis Gauba have decided to leave the cryptocurrency industry. This decision comes in light of recent legal actions targeting Opyn.
Hey Crypto Twitter,
— zubin koticha (@snarkyzk) November 14, 2023
It's been a while
This one's a tough one...
After the regulatory action against Opyn, @alexisgauba and I have made the decision that we are leaving crypto.
This is honestly really emotional for me and Alexis.
Legal Actions by CFTC
In September, the CFTC revealed that it had filed charges against Opyn and two other DeFi entities. Opyn is accused of failing to complete basic registrations and not implementing adequate user identity management measures for its derivatives products. Specifically, Opyn has been ordered to pay a fine of $250,000 and comply with CFTC regulations.
Read more: CFTC Charges 3 DeFi Projects Including Opyn, 0x, and Deridex
Statement from CEO Koticha
"We have spent six years working and improving the shortcomings of traditional financial markets. We once thought we would dedicate our entire lives to cryptocurrency. Unfortunately, this is the end of the road for us," shared CEO Koticha.
New Leadership
Koticha also announced that Andrew Leone, the current head of research at Opyn, will take over the role of CEO. Leone has six years of experience as Vice President at Nomura, a Japanese bank, specializing in volatility indices and structured derivative products.
Conclusion
The departure of Opyn’s founding team marks a significant shift for the DeFi protocol as it navigates the challenging regulatory landscape. With Andrew Leone at the helm, Opyn aims to continue its mission in the evolving financial market.
