Open Exchange (OPNX), formerly known as Coinflex, is bidding farewell this February, signaling the end of its era as a hub for crypto derivatives and claims trading.
In a message, the OPNX team expressed gratitude to its community while laying out the necessary steps for users as part of the closure process.
As part of the shutdown protocol, OPNX urged its users to settle all active positions by 8 a.m. UTC on February 7.
Note that after this deadline, the platform will take charge, managing any remaining open positions automatically. To facilitate a smooth transition, OPNX said it has provided users with a window until February 14 for fund withdrawals and the exportation of historical data.
The decision to close operations is not a standalone event but rather an answer to a series of regulatory challenges.
Despite efforts to navigate the regulatory landscape, including obtaining a Virtual Asset Service Provider (VASP) license from Lithuania, OPNX faced shadows from its past, notably its connections with figures like Kyle Davies and Su Zhu.
Regulatory actions, such as the Monetary Authority of Singapore’s (MAS) ban on these figures, raised concerns about OPNX’s future.
Also, penalties imposed by Dubai’s Virtual Assets Regulatory Authority (VARA) intensified the platform’s challenges, with fines totaling $2.8 million due to infringements related to marketing and advertising standards.
Furthermore, OPNX is orchestrating a structured closure process, emphasizing its commitment to a secure and orderly exit for users.
Moreover, users are strongly advised to follow OPNX’s outlined timelines and instructions. Settling positions by February 7 and promptly withdrawing funds and exporting historical data before the final cutoff on February 14 are steps to protect users assets and interests.
Sophia Hernandez is an experienced crypto writer who has been writing about crypto and blockchain technology for 3 years. She has a deep understanding of the complexities of the crypto market and is skilled at breaking down these concepts into easy-to-understand language for readers.