SINGAPORE: The Monetary Authority of Singapore( MAS ) has issued nine-year prohibition orders against Zhu Su and Kyle Livingston Davies, the founders of the failed cryptocurrency hedge fund Three Arrows Capital.
Davies served as the chairman and chairman of Three Arrows Capital, while Zhu was the company’s CEO.
Due to the demise of bitcoin Luna and TerraUSD, Three Arrows Capital became the first significant bitcoin company to file for bankruptcy in 2022. According to a Reuters document, it declared bankruptcy in the British Virgin Islands in late June of that year.
According to a news release released on Thursday, the prohibition orders went into effect on Wednesday( Sep 13 ).
According to the Securities and Futures Act, Zhu and Davies will be barred from engaging in any regulated activity, participating in the & nbsp’s management, serving as directors, or acquiring a sizable shareholder.
In June of last year, MAS reprimanded Three Arrows Capital for giving false information and failing to inform the power of Zhu and Davies’ new director and shareholding changes.
According to MAS, the business was later discovered to possess exceeded the assets under management level permitted for a registered portfolio management company. & nbsp,
More research into Three Arrows Capital, Zhu, and Davies revealed that between August 2020 and January 2022, the firm had broken the Securities and Futures Act and Regulations once more.
Within the required period, the business had not informed MAS that a rep had been hired. Cheong Jun Yoong Arthur was hired by Three Arrows Capital between August 2020 and September 2021 to serve as a portfolio manager and carry out portfolio management tasks on the company’s representative.
Additionally, the business provided MAS with fake data. It falsely asserted in January 2022 that Cheong’s work was not disclosed to MAS because he” did not carry out any regulated action.”
Between August 2020 and September 2021, Mr. Cheong actually managed funds on behalf of Three Arrows Capital, according to MAS.