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COINTURK NEWS > Cryptocurrency News > Surprise Decision! Crypto World’s Prominent Figures Imposed with 9-Year Trading Ban
Cryptocurrency News

Surprise Decision! Crypto World’s Prominent Figures Imposed with 9-Year Trading Ban

In Brief

  • The Monetary Authority of Singapore (MAS) has reported that the co-founders of the bankrupt crypto hedge fund Three Arrows Capital (3AC), Zhu Su and Kyle Davies, have violated the Securities and Futures Act of 2001 and the Securities and Futures (Licensing and Conduct of Business) Regulations (SFR). MAS has banned both Su and Davies from […]
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The Monetary Authority of Singapore (MAS) has reported that the co-founders of the bankrupt crypto hedge fund Three Arrows Capital (3AC), Zhu Su and Kyle Davies, have violated the Securities and Futures Act of 2001 and the Securities and Futures (Licensing and Conduct of Business) Regulations (SFR). MAS has banned both Su and Davies from participating in regulated commercial activities in the country.

Contents
MAS Imposes Restrictions on Three Arrows Capital’s (3AC) Co-FoundersOther Investigations Against 3AC

MAS Imposes Restrictions on Three Arrows Capital’s (3AC) Co-Founders

MAS has banned Zhu Su and Kyle Davies, the co-founders of the collapsed crypto hedge fund 3AC, from engaging in regulated commercial activities in the country. According to MAS, Su and Davies have violated the Securities and Futures Act of 2001 and the Securities and Futures (Licensing and Conduct of Business) Regulations (SFR), and are prohibited from participating in regulated commercial activities in the country for a period of 9 years.

According to MAS, “Under the POs that came into effect on September 13, 2023, Zhu and Davies are prohibited from engaging in any regulated activity in the country and from serving as directors or substantial shareholders of any capital market services company within the scope of the SFA.”.

Once one of the largest hedge funds in the cryptocurrency market, Three Arrows faced difficulties after the collapse of the Terra ecosystem last year and filed for bankruptcy in July 2022. Documents published at that time showed that the hedge fund had debts of over $3.5 billion to its largest creditors.

Other Investigations Against 3AC

MAS had previously issued a reprimand against 3AC for providing false information to the regulatory authority in June 2022. Today’s announcement from MAS stated that further investigations are being conducted against the company and its founders, and additional rule violations between August 2020 and January 2022 have been identified.

These violations include the failure to timely notify MAS about the appointment of Cheong Jun Yoong Arthur as a portfolio manager and the lack of a risk management framework to identify, monitor, and address risks associated with cryptocurrency and other digital asset investments under his management.

Loo Siew Yee, Deputy Managing Director of MAS, stated, “Fund managers’ senior management must implement robust risk management measures to protect the interests of investors. MAS takes a serious view of Zhu and Davies’ blatant disregard for MAS’ regulatory requirements and their neglect of their duties as managers. MAS will take action to weed out senior executives engaged in such abuses.”

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 14 September, 2023 - 8:35 am 14 September, 2023 - 8:35 am
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