Published on November 14, 2023 04:40 GMT+00:00edited on November 14, 2023 04:44 GMT+00:00

The co-founders of Opyn are stepping down after the DeFi options protocol was charged by the Commodity Futures Trading Commission in September.

CEO Zubin Koticha said in a post on X today that he and co-founder Alexis Gauba had decided to leave crypto, citing the recent regulatory action against Opyn.

The CFTC said in September that it had filed and settled charges against Opyn and two other DeFi players. Opyn was charged with several registration failures, failing to adopt a customer identification program and illegally offering leveraged and margined retail commodity transactions in digital assets. Opyn was ordered to pay a $250,000 penalty and to cease and desist from violating the Commodity Exchange Act and CFTC regulations.

“We spent the last six years working on incredible stuff …