Opyn, a DeFi option protocol, underwent a significant leadership transition following the resignation of CEO and co-founder Zubin Koticha.
In response to regulatory action, Zubin Koticha, co-founder of Opyn, a decentralized finance (DeFi) option protocol company, has declared his intention to resign as chief executive officer (CEO).
On November 14, Koticha announced his decision to the crypto community via X, formerly Twitter.
Zubin addressed the crypto community in the X post and detailed his difficult decision.
The recent regulatory action taken against Opyn was cited as the motive for his resignation.
Additionally, Zubin disclosed that Alexis Gauba, his colleague, reached the same conclusion and tendered her resignation, departing from Opyn.
Zubin stated in the concluding portion of his post, “This is honestly really emotional for me and Alexis.”
Opyn Faces Charges from the CFTC
It is important to note that the Commodity Futures Trading Commission (CFTC) has lodged legal challenges against Opyn.
Reports indicate that Opyn is the subject of allegations of registration failures and unauthorized commodity transactions.
Meanwhile, inadequate customer identification procedures and unauthorized leveraged and margined retail commodity transactions involving digital assets are among the allegations levied after an investigation.
Furthermore, in conjunction with the settlement, the CFTC levied a penalty of $250,000 and mandated that the company adhere to current regulations.
The allegations mentioned above were lodged against Opyn by the CFTC in September, resulting in legal penalties.
The firm, nevertheless, settled for $250,000.
Additionally, Opyn guaranteed to seize all irregularities and operations following CFTC regulations under the Commodity Exchange Act.
Andy Leone to lead Opyn as CEO
Following the departures of Alexis Gauba and Zubin Koticha, Andrew Leone, who formerly oversaw research at Opyn, will assume the role of the organization’s CEO.
Regarding Andrew Leone, his proficiency in volatility trading, specifically on the VIX, establishes him as the ideal candidate for the position.
The leadership transition occurs as Opyn confronts legal obstacles, which may impact the crypto community and the DeFi sector.
Meanwhile, the price of Opyn’s Squeeth tokens, presently trading at $116.59, has decreased significantly by 0.71% in response to the announcement.
In addition, the market value cap is $14,361.21, with a downward trend of 62.36%.