Davies

Zhu Su and Kyle Davies, co-founders of the defunct hedge fund Three Arrows Capital (3AC) have been <a href="https://www.binance.com/en-AU/feed/post/1143225">banned by the Monetary Authority of Singapore (MAS)</a>. 
Per the sanction, they are no longer permitted to be involved in regulated business activities in Singapore for the next nine years. This also means that they are prohibited from holding managerial positions. 
Also, Zhu and Davies cannot become major stakeholders in any capital market services company under Singapore’s Securities and Futures Act. The ban took effect on September 13, 2023. 
<h2 id="b-zhu-and-davies-violated-securities-laws-b">Zhu and Davies Violated Securities Laws</h2> 
Precisely, MAS highlighted that the co-founders violated the Securities and Futures Act 2001 and Securities and Futures (Licensing and Conduct of Business) Regulations (SFR). 
“Under the POs, which took effect from 13 September 2023, Mr Zhu and Mr Davies will be prohibited from performing any regulated activity and from taking part in the management of, acting as a director of, or becoming a substantial shareholder, of any capital market services firm under the SFA,”&nbsp;MAS stated. 
<h2 id="b-mas-reprimands-3ac-co-founders-b">MAS Reprimands 3AC Co-founders</h2> 
Last year, the <a href="https://thecoinrise.com/monetary-authority-of-singapore-reprimands-3ac-for-false-info-sharing/">Singapore watchdog reprimanded 3AC for providing false information</a> and not complying with the specified regulatory framework laid out in the region. 
The hedge fund exceeded the S$250 million Asset Under Management (AUM) management established by the body for licensed asset managers in the country. At the time, Loo Siew Yee, assistant managing director for policy, payments &amp; financial crime at MAS, expressed strong disapproval towards the nonchalance exhibited by Su and Davies.&nbsp; 
Further investigations have been ongoing since that time and MAS has discovered several other breaches of its rules between August 2020 and January 2022 when the crypto hedge fund was in full operation. The discovery of these violations led to the sanction placed on the two crypto players. 
<h2 id="b-the-tragic-fall-of-3ac-b">The Tragic Fall of 3AC</h2> 
Before now, Three Arrows Capital was a thriving hedge fund known throughout the crypto ecosystem. It, however, ran into a mess in 2022 after the collapse of Terraform Labs which left the entire crypto industry in chaos. Not long after, 3AC filed for bankruptcy but its co-founders showed no interest in the bankruptcy proceedings.&nbsp; 
They hid from the public but were active on the X app. This forced <a href="https://thecoinrise.com/3ac-founders-davies-and-su-subpoenaed-on-twitter/">liquidators to subpoena&nbsp;both Zhu and Davies</a> on the then-blue bird app. 
The post <a rel="nofollow" href="https://thecoinrise.com/singapore-watchdog-mas-bans-3ac-co-founders-for-9-years/">Singapore Watchdog MAS Bans 3AC Co-founders For 9 Years</a> appeared first on <a rel="nofollow" href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Singapore Watchdog MAS Bans 3AC Co-founders For 9 Years

Table of Contents

TheCoinrise Media

Other articles published on Sep 14, 2023

$XRP Ledger’s Major Milestone, Savvy Investors Secure Domini.art Presale, Hedera Price Steeps

Why is StormX (STMX) Coin Pumping? Examining the Surge in Demand Among Crypto Traders

SEC Chair Gensler: Crypto Industry Plagued by Misconduct and Legal Challenges

Sui Network introduces Facebook, Twitch, and Google logins for DApps

Shiba Inu's Greatest Trade of All Time: $8,000 Turns to $5.7 Billion

XRP and Solana Show Strength, Crypto Market Falls: Following Concerns Over FTX Sell-Off

Join our free newsletter for daily crypto updates!