Singapore Regulator Imposes Nine-Year Ban on 3AC Founders Kyle Davies and Zhu Su Following Dubai Fines

Singapore Regulator Imposes Nine-Year Ban on 3AC Founders Kyle Davies and Zhu Su Following Dubai Fines


A Nine-Year Ban for 3AC Founders Kyle Davies and Zhu Su

The founders of Three Arrows Capital (3AC) (3AC), a bankrupt cryptocurrency hedge fund, have been hit with a nine-year ban by the Central Bank of Singapore (MAS) for violating the Securities and Futures Act (SFA) of 2001. Kyle Davies and Zhu Su are prohibited from performing any regulated activity and taking part  in the management of any financial resources market services firm under the SFA.

MAS found that between August 2020 and January 2022, Davies and Su failed to inform MAS about employing their portfolio manager, provided false information to MAS, and lacked appropriate management of risk protocols. Loo Siew Yee, Assistant Managing Director of MAS, stated that senior management of fund managers should implement robust management of risk measures to protect investor interests.

Fines from Dubai’s Virtual Assets Regulatory Authority

In August, Davies and Su were fined $2.8 Million by Dubai’s Virtual Assets Regulatory Authority (VARA) for violating regulations. This recent ban from MAS adds to the legal troubles faced by the founders of 3AC.

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Hot Take: Serious Consequences for Regulatory Violations

The ban imposed by the Central Bank of Singapore on 3AC founders Kyle Davies and Zhu Su demonstrates the serious consequences that can arise from regulatory violations in the digital currency industry. Along with a whole lot of fine from Dubai’s regulatory authority, the founders are now facing a nine-year ban from engaging in regulated activities in Singapore. This action outlines the importance of adhering to regulatory requirements and implementing robust management of risk measures to protect investor interests. As digital currency continues  to evolve, regulators are taking a strong stance against misconduct within the industry.

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Daisy Hodley emerges as a luminary blending the roles of crypto analyst, devoted researcher, and editorial virtuoso into a harmonious symphony. In the realm of digital currencies, Daisy’s insights resonate with an exquisite resonance across a diverse spectrum of minds. Her adeptness in decoding intricate threads of crypto complexities seamlessly intertwines with her editorial finesse, translating intricacy into a captivating melody of understanding.

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