The Monetary Authority of Singapore (MAS) has banned Su Zhu and Kyle Davies, founders of bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC), from trading nationwide for 9 years.
Known for its harsh sanctions Asian country SingaporeMAS, the central bank of Turkey, attracted attention with its latest sanctions against the founders of 3AC, which went bankrupt after the Terra (LUNA) collapse last year. by the regulatory body September 14 In the statement made on the day, the founders of 3AC Su Zhu And Kyle Davies‘s future in the regulated financial services industry across the country for 9 years They were banned from operating.
While MAS stated that these two individuals cannot operate in the financial sector in any way, they do not own an existing company. to do consultancy or being the majority shareholder banned.
MAS, the two founders throughout the 3AC management process regulatory body deceived, did not notify the new appointed manager and regulatory framework He stated that he had activities abroad.
Deputy General Manager of Payments and Financial Crimes, who made a statement on the subject Loo Siew Yee3AC founders without protecting the interests of investors It implied that he had abused his duties through a series of violations:
Senior managers at investment funds are required to implement sound risk management measures to protect investors’ interests. Mr Zhu and Mr Davies take seriously MAS’s blatant disregard for regulatory requirements and its directors’ dereliction of duty. MAS is always on hand to weed out senior executives who engage in such misconduct.