Opyn, a leading decentralized finance (DeFi) protocol, witnesses founders stepping down following a CFTC crackdown. Zubin Koticha and Alexis Gauba exit leadership roles, citing an unexpected end to their crypto journey. Opyn persists under new leadership, with head of research Andrew Leone stepping in as CEO. Controversial CFTC action raises discussions within the commission.
Founders Zubin Koticha and Alexis Gauba bid farewell to Opyn’s leadership amidst a CFTC crackdown on the DeFi protocol. Koticha expressed the emotional nature of their decision, revealing plans for a non-crypto-related project.
Opyn, however, continues its operations with Andrew Leone taking the reins as the new CEO. The duo’s departure comes after the CFTC imposed a $250,000 penalty on Opyn for allegedly running an unregistered derivatives exchange.
The commission’s move faced internal dissent, with Commissioner Summer Mersinger challenging the enforcement action. Opyn’s interface now shows a “blocked” error for U.S. IP addresses, reflecting the aftermath of the regulatory intervention.