Crypto derivatives exchange OPNX to shut down in February

Quick Take

  • OPNX will shut down in February 2024. 
  • Users have until Feb. 8 to settle positions and Feb. 14 to withdraw funds and export historical data. 

Crypto derivatives and claims trading platform Open Exchange (OPNX) will shut down this month. 

In a message to users that was shared on the social media platform X, the OPNX team said the platform "will officially cease operations and shut down in February 2024. We are dedicated to ensuring an orderly closure for all users."

The firm added that users should settle all positions before Feb. 7 at 8. a.m. UTC (3 a.m. ET), after which the platform will automatically settle any open positions. Users have until Feb. 14 to withdraw funds and export their historical data.

"We are deeply thankful to each member of the OPNX community for their dedication and trust. As we conclude this chapter, we cherish the experiences shared and look ahead with gratitude," the OPNX team said. 


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Rebranded from Coinflex

OPNX was previously known as Coinflex but rebranded in March 2023. The exchange is associated with Kyle Davies and Su Zhu, the co-founders of the bankrupt crypto lender Three Arrows Capital.

The company did not immediately respond to a request for comment from The Block. 

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© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.


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