Singapore Central Bank Imposes 9-Year Trading Ban on Three Arrows Capital Founders

The top executives of crypto hedge fund 3AC have been banned from regulated financial activities in Singapore for 9 years. The ban comes after the Singapore Central Bank initiated an investigation into Three Arrows Capital in June 2022 for allegedly providing false information to the public.

Singapore’s financial regulatory authority MAS has imposed a nine-year trading ban on the founders of Three Arrows Capital for allegedly violating the country’s securities laws. In an official statement released on September 14, it was specified that Su Zhu and Kyle Davies will be barred from participating in regulated activities and are prohibited from serving as senior executives or significant shareholders in any capital markets services firm.

The ban follows an investigation that the Singapore Central Bank began in June 2022, accusing Three Arrows Capital of providing false information to the public. Criticisms also exist regarding the roles Zhu and Davies have played in the fund’s operations in Singapore and the British Virgin Islands.

Also Barred from Participating in Singapore-Registered Capital Markets Firms

With this ban, Davies and Zhu are also prohibited from managing any capital markets services firms registered in Singapore, acting as executives, or being shareholders. This decision was made due to non-compliance with the country’s financial regulations and allegations of providing misleading information. The ban is reported to have started as of September 13.

This incident is related to the strict policies Singapore applies to its financial sector. The country maintains a particularly stringent stance against companies operating in the cryptocurrency sector.

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