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Singapore's Central Bank Bans Three Arrows Capital Founders

by BSC News

September 14, 2023

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The ban aims to protect Singapore's financial markets by preventing the disgraced founders from participating in any regulated market activities for almost a decade.

The Monetary Authority of Singapore (MAS), has issued a nine-year ban on Kyle Davies and Su Zhu, the founders of the now-bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC). The ban took effect on September 13 and was confirmed by the Central Bank of Singapore on September 14, according to a Reuters report.

Three Arrows Capital faced collapse following the Luna and TerraUSD market crash in May 2022. The fund was subsequently ordered to liquidate its assets in June 2022 by a court in the British Virgin Islands after filing for bankruptcy.

MAS stated that the ban will prohibit Davies and Zhu from performing any regulated activities in Singapore's financial markets. They will also be barred from managing any capital market services firm in the country. 

The Central Bank's statement read, "Under the POs, which took effect from 13 September 2023, Mr Zhu and Mr Davies will be prohibited from performing any regulated activity and from taking part in the management of, acting as a director of or becoming a substantial shareholder, of any capital market services firm under the SFA."

The ban aims to protect Singapore's financial markets by preventing the disgraced founders from participating in any regulated market activities for almost a decade.

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