3AC Founders Hit With Whopping 9 Year Ban In Singapore
The founders of Three Arrows Capital (3AC) have been handed a 9 year trading ban by the Monetary Authority of Singapore (MAS). According to the MAS, this order restricts the founders from engaging in the management, direction, or ownership of any registered capital markets services firm within the country.
Tthe MAS had rebuked 3AC in June 2022 for providing false information to the regulator. Now however, the MAS revealed that it had conducted further investigations into the company and its founders, revealing additional violations of its regulations spanning from August 2020 to January 2022.
These infractions pertain to the delayed notification to the MAS regarding the appointment of Mr. Cheong Jun Yoong Arthur as a portfolio manager and the failure to establish an adequate risk management framework for identifying, monitoring, and addressing risks related to crypto and digital asset investments under their management.
Ms. Loo Siew Yee, an assistant managing director at the MAS, emphasized that robust risk management measures must be implemented to safeguard investors and their interests. The MAS will also take measures to remove senior managers who engage in any kind of misconduct, she added.
Top News
42 months ago
42 months ago
43 months ago
43 months ago
43 months ago
43 months ago
43 months ago
43 months ago
43 months ago
24250 months ago
More From The News
Press Releases
Payments
New Payment Limit For Crypto Wallets Scrapped
The recent Anti-Money Laundering re... Read more
Bitcoin
Bitcoin Undergoes Price Correction As International Economies
A significant portion of the crypto... Read more
Join Our Newsletter
Get the latest trends and updates on our crypto community.