iHodl.com
Main page News, Singapore, Regulations, Cryptocurrency
Hot topic
June 30, 2022

The Monetary Authority of Singapore (MAS) has reprimanded cryptocurrency hedge fund Three Arrows Capital (3AC) for providing "false information" and "exceeding the assets under management threshold."

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

The regulator said in a press release that 3AC had no right to do business with more than 30 qualified investors and manage assets of no more than $183 million. Moreover, MAS says that 3AC failed to notify it of changes to directorships and shareholdings.

"Three Arrows Capital failed to inform MAS within the required timeline of changes in the directorships and shareholdings of its directors, Mr Su Zhu and Mr Kyle Livingston Davies."

British Virgin Islands Court Orders Liquidation of Three Arrows Capital: Report

The financial regulator says given that the recent events "call into question the solvency of the fund, MAS is assessing if there were further breaches by 3AC of its regulations.

The move comes after Voyager Digital said that Three Arrows Capital failed to repay 15,250 BTC and $350 million in USDC. The crypto broker added it was planning to perform legal remedies from 3AC.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

Read also:
Strawberry Cake Media Corp. © 2024 Cookie Policy Editorial team Archive

ihodl.com is an illustrated edition about cryptocurrencies and financial markets.
Every day we publish the best materials for everyone interested in economy.