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In a significant move, the Monetary Authority of Singapore (MAS) has handed down a nine-year ban to prominent crypto fund managers Kyle Davies and Zhu Su. The co-founders of Three Arrows Capital (3AC), a once-mighty crypto hedge fund, have been found guilty of violating Singapore’s securities laws.
MAS Accuses 3AC Duo of Illegal Short-Selling
MAS alleges that Davies and Su engaged in illegal short-selling of American depositary receipts (ADRs) from November 2017 to December 2019. These ADRs represent shares of foreign companies listed on US stock exchanges. The duo used their fund and related entities to exploit a loophole in ADR settlement processes. This allowed them to sell ADRs they neither owned nor borrowed, resulting in a distorted market and misleading investors.
MAS also accused Davies and Su of obstructing investigations and providing false information.
Effective September 14, 2023, the nine-year prohibition orders imposed by MAS restrict Davies and Su from participating in any regulated activities in Singapore, including trading, advising, or fund management. Furthermore, they are barred from any involvement in the management of financial institutions in Singapore.
Davies and Su are well-known figures in the cryptocurrency space, having invested in prominent projects like Compound, dYdX, and Solana. Their fund, 3AC, was once a titan in the crypto hedge fund world, boasting over $1 billion in assets under management. However, in 2022, the fund’s fortunes took a catastrophic turn, losing more than $400 million in a series of ill-fated trades and becoming embroiled in legal battles with creditors and investors.
Global Regulatory Scrutiny Intensifying
The ban serves as a stark reminder that regulatory scrutiny of the crypto industry is intensifying globally. As investors navigate the burgeoning crypto landscape, regulatory compliance and transparency have become paramount. The case of 3AC underscores the consequences of non-compliance and misconduct in the crypto space, even for high-profile players.
The crypto community will be watching closely as this high-profile case unfolds and sets a precedent for regulatory actions against crypto entities worldwide.
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