Zubin Koticha, the co-founder of Opyn, a decentralized finance (DeFi) option protocol firm, has announced to step down as the Chief Executive Officer (CEO) amid regulatory action. On November 14, Koticha took to X, formerly Twitter, and informed the crypto community about his decision.
In the X post, Zubin addressed the crypto community and informed them about his tough decision. He cited the recent regulatory action against Opyn as be reason behind the resignation. Furthermore, Zubin also informed that not only he, but Alexis Gauba also took the decision and submitted her resignation, leaving Opyn. Zubin concluded his post by saying, “This is honestly really emotional for me and Alexis”.
CFTC’s Charges Against Opyn
It is to be noted, that Opyn is facing legal challenges by the Commodity Futures Trading Commission (CFTC). According to reports, allegations against Opyn include registration failures and unauthorized commodity transactions. The allegations levied after an investigation also include inadequate customer identification procedures, and unauthorized leveraged and margined retail commodity transactions involving digital assets. Moreover, the CFTC imposed a penalty of $250,000, for settlement and directed the firm to comply with existing regulations.
The aforementioned charges against Opyn were filed by the CFTC in September, with the consequences of legal penalties. However, the firm agreed on a settlement of $250,000. Opyn also assured to seize all the irregularities and functioning and comply with the guidelines of CFTC under the Commodity Exchange Act.
Andrew Leone to Lead Opyn as New CEO
After the resignation of Zubin Koticha and Alexis Gauba, Andrew Leone, previously the head of research at Opyn, will take over as the new CEO of the firm. Speaking about Andrew Leone, he holds expertise in volatility trading, particularly with the VIX, which is what makes him the right candidate for the role. The switch in leadership at a time when Opyn is facing legal challenges, and can impact the DeFi industry for the crypto community.
Meanwhile, the announcement has impacted Opyn’s Squeeth token price, which is currently trading at $116.59, with a massive fall of 0.71%. In addition, the market value cap is $14,361.21 with a downward trend of 62.36%, during the time of writing.
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