In a Nov. 8 post released on X, Open Exchange (OPNX) shares the announcement of their latest regulatory milestone in Europe.
The exchange is said to now have the Virtual Asset Service Provider (VASP) license in Lithuania, a country in the Baltics.
Adhering to high standards
The announcement stated that the license would require OPNX to adhere to the highest standards of security and compliance, alongside claims the team is already using robust KYC and anti-money laundering systems.
With the VASP license, OPNX has the ability to service the European region, although there may be jurisdictions within the EU that require additional licenses to operate certain services.
Previous exchange conduct
Perhaps more well-known than OPNX the exchange are its founders, Kyle Davies and Su Zhu, who also founded the now-bankrupt crypto hedge fund Three Arrows Capital (3AC), and Mark Lamb and Sudhu Arumugam, who founded CoinFLEX which ceased operations at the end of October. Unfortunately, due to previous bankruptcies, the reputation of OPNX has been considered questionable by most.
