The Monetary Authority of Singapore (MAS) has issued restraining orders against Su Zhu and Kyle Davies, founders of the bankrupt cryptocurrency fund Three Arrows Capital (3AC). Mas prevented the cryptocurrency celebrities in question from acting as management directors or significant shareholders of capital markets services companies.
MAS had previously condemned 3AC in June, finding that it had contravened local laws. If Zhu and Davies continue to disobey these rules, they face imprisonment and fines.
The government agency previously found that Three Arrows Capital did not have a risk management license to oversee cryptocurrency and digital asset investments, and several violations.
Following these developments, Zhu and Davies launched a new initiative, OPNX, together with the founders of the bankrupt exchange CoinFLEX, in order to make them forget their old fame. OPNX, on the other hand, faced many sanctions and penalties in Dubai.