{"id":60719,"date":"2023-09-14T00:40:08","date_gmt":"2023-09-14T04:40:08","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/monetary-authority-of-singapore-bans-3ac-founders-from-engaging-in-financial-markets\/"},"modified":"2023-09-14T00:40:11","modified_gmt":"2023-09-14T04:40:11","slug":"monetary-authority-of-singapore-bans-3ac-founders-from-engaging-in-financial-markets","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=60719","title":{"rendered":"Monetary Authority of Singapore Bans 3AC Founders From Engaging in Financial Markets"},"content":{"rendered":"
\n

Singapore’s central bank, the Monetary Authority of Singapore (MAS), has barred the founders of Three Arrows Capital, Zhu Su and Kyle Livingston Davies from participating in financial markets within the city-state for a period of nine years.<\/p>\n

Three Arrows Capital was among the first top cryptocurrency firms to succumb to insolvency after the dramatic crash of Luna and TerraUSD cryptocurrencies in May. 3AC filed for bankruptcy in late June in the British Virgin Islands.<\/p>\n

The central bank of Singapore prohibited Zhu Su and Kyle Davies from engaging in any regulating activity or managing any capital market services forms in Singapore effective from 13 September 2023.\u00a0<\/p>\n

3AC Founders Provided False Information to MAS<\/h2>\n

MAS cited several breaches on the part of 3AC founders, including providing false information to MAS, failing to notify MAS about changes in directorship and shareholdings, and exceeding the allowable assets under management threshold for a registered fund management company.<\/p>\n

Furthermore, MAS revealed that 3AC failed to inform the regulatory authority in a timely manner of the employment of Mr. Cheong Jun Yoong Arthur, who was hired as a portfolio manager between August 2020 and September 2021. The breach of SFR regulations raised concerns about transparency within the organization.<\/p>\n

In a statement, Loo Siew Yee, MAS Assistant Managing Director, emphasized the importance of robust risk management that must be put in place by senior management of fund managers. She stated:<\/p>\n

\u00a0“Senior management of fund managers are required to implement robust risk management measures to protect the interest of investors. MAS takes a serious view of Mr. Zhu\u2019s and Mr. Davies\u2019 flagrant disregard of MAS\u2019 regulatory requirements and dereliction of their directors\u2019 duties.”<\/p>\n

As directors of 3AC, Zhu Su and Kyle Livingston Davies were primarily responsible for ensuring the firm’s compliance with regulatory requirements under the SFA and SFR.\u00a0<\/p>\n

However, the MAS investigation found that they failed in their duties and were directly responsible for 3AC’s regulatory breaches.<\/p>\n

As\u00a0 reported earlier, Su Zhu and Kyle Davies completed a funding round for their new OPNX exchange earlier this year. Dubai\u2019s Virtual Assets Regulatory Authority slapped a massive $2.7 million fined against their new exchange, which the duo failed to pay.\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Singapore’s central bank, the Monetary Authority of Singapore (MAS), has barred the founders of Three Arrows Capital, Zhu Su and Kyle Livingston Davies from participating in financial markets within the city-state for a period of nine years. Three Arrows Capital was among the first top cryptocurrency firms to succumb to insolvency after the dramatic crash […]<\/p>\n","protected":false},"author":1,"featured_media":60720,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-60719","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nMonetary Authority of Singapore Bans 3AC Founders From Engaging in Financial Markets | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Singapore's central bank, the Monetary Authority of Singapore (MAS), has barred the founders of Three Arrows Capital, Zhu Su and Kyle Livingston Davies\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=60719\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monetary Authority of Singapore Bans 3AC Founders From Engaging in Financial Markets | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Singapore's central bank, the Monetary Authority of Singapore (MAS), has barred the founders of Three Arrows Capital, Zhu Su and Kyle Livingston Davies\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=60719\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-14T04:40:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-14T04:40:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/three-arrows-capital.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=60719#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=60719\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Monetary Authority of Singapore Bans 3AC Founders From Engaging in Financial Markets\",\"datePublished\":\"2023-09-14T04:40:08+00:00\",\"dateModified\":\"2023-09-14T04:40:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=60719\"},\"wordCount\":377,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Crypto\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=60719#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=60719\",\"url\":\"https:\/\/ifintechworld.com\/?p=60719\",\"name\":\"Monetary Authority of Singapore Bans 3AC Founders From Engaging in Financial Markets | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-09-14T04:40:08+00:00\",\"dateModified\":\"2023-09-14T04:40:11+00:00\",\"description\":\"Singapore's central bank, the Monetary Authority of Singapore (MAS), has barred the founders of Three Arrows Capital, Zhu Su and Kyle Livingston Davies\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=60719#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=60719\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=60719#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Monetary Authority of Singapore Bans 3AC Founders From Engaging in Financial Markets\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Monetary Authority of Singapore Bans 3AC Founders From Engaging in Financial Markets | iFintechWorld","description":"Singapore's central bank, the Monetary Authority of Singapore (MAS), has barred the founders of Three Arrows Capital, Zhu Su and Kyle Livingston Davies","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=60719","og_locale":"en_US","og_type":"article","og_title":"Monetary Authority of Singapore Bans 3AC Founders From Engaging in Financial Markets | iFintechWorld","og_description":"Singapore's central bank, the Monetary Authority of Singapore (MAS), has barred the founders of Three Arrows Capital, Zhu Su and Kyle Livingston Davies","og_url":"https:\/\/ifintechworld.com\/?p=60719","og_site_name":"iFintechWorld","article_published_time":"2023-09-14T04:40:08+00:00","article_modified_time":"2023-09-14T04:40:11+00:00","og_image":[{"width":1200,"height":800,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/three-arrows-capital.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=60719#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=60719"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Monetary Authority of Singapore Bans 3AC Founders From Engaging in Financial Markets","datePublished":"2023-09-14T04:40:08+00:00","dateModified":"2023-09-14T04:40:11+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=60719"},"wordCount":377,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Crypto"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=60719#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=60719","url":"https:\/\/ifintechworld.com\/?p=60719","name":"Monetary Authority of Singapore Bans 3AC Founders From Engaging in Financial Markets | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-09-14T04:40:08+00:00","dateModified":"2023-09-14T04:40:11+00:00","description":"Singapore's central bank, the Monetary Authority of Singapore (MAS), has barred the founders of Three Arrows Capital, Zhu Su and Kyle Livingston Davies","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=60719#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=60719"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=60719#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Monetary Authority of Singapore Bans 3AC Founders From Engaging in Financial Markets"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/60719","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=60719"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/60719\/revisions"}],"predecessor-version":[{"id":60721,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/60719\/revisions\/60721"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/60720"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=60719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=60719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=60719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}