TechFlow reports that Singapore's financial regulator issued a statement on Thursday, imposing a nine-year ban on Su Zhu and Kyle Davies, the co-founders of the collapsed crypto hedge fund Three Arrows Capital, from engaging in any regulated activities. Under the Securities and Futures Act, both individuals are also prohibited from managing any capital markets services firm, serving as its director, or becoming a substantial shareholder.
The Monetary Authority of Singapore (MAS) accused Three Arrows Capital of providing false information and failing to implement adequate risk management frameworks. Loo Siew Yee, Assistant Managing Director for Policy, Payments & Financial Crime at MAS, stated in the announcement that MAS takes seriously the blatant disregard by Su Zhu and Kyle Davies for regulatory requirements and their gross negligence.
