March 27, 2024
Opyn Co-Founders Step Away Following CFTC Settlement
Latest Cryptocurrency News

Opyn Co-Founders Exit Crypto After Settlement: New Leadership Takes Helm

Zubin Koticha and Alexis Gauba, the co-founders of the Opyn decentralized finance (DeFi) protocol, are stepping away from the project and are leaving crypto, as stated in a message from Koticha shared on social media on Nov. 14. This announcement comes about two months after Opyn settled an enforcement action with the United States Commodity and Futures Trading Commission (CFTC).

In his statement, Koticha expressed the emotional nature of their decision, mentioning, “We thought we were going to be in crypto for the rest of our lives, but unfortunately and unexpectedly, this is the end of the road.” Opyn is set to continue its operations under the leadership of Andrew Leone, the current head of research, who is taking on the role of CEO.

While Koticha hinted at a new project for himself and Gauba, he clarified that it would not be related to crypto. Gauba shared Koticha’s post on her own account, expressing her sadness about leaving the crypto space, saying, “I’ve always thought I’d be building in crypto for the rest of my life.”

Opyn, known for its options trading platform on the Ethereum network, is based in San Francisco, California. The CFTC’s enforcement action against Opyn on Sept. 7 included allegations of operating an unregistered derivatives exchange, leading to a civil monetary penalty of $250,000 and a ‘cease and desist’ order to comply with U.S. commodities trading laws.

Notably, attempts to access the Opyn interface from a U.S. IP address now result in a blocked error page, a restriction that persists even when using various offshore VPN addresses. The CFTC’s action faced internal controversy, with Commissioner Summer Mersinger dissenting, asserting that the enforcement action should not have been pursued.

Image by freepik

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