Monday, February 26, 2024

Singapore’s MAS Reprimands 3AC For Providing False Information

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Singapore’s MAS reprimands Three Arrows Capital for “providing false information” to the regulator as we can see more today in our latest cryptocurrency news.

The Monetary Authority of Singapore issued a notice today that the crypto fund Three Arrows Capital provided the regulator with false information. 3AC opened an entity in the British Virgin Islands and according to Singapore’s MAS “novated the management of the fund to an unrelated offshore entity.” As Singapore’s MAS reprimands 3AC, the regulator indicated that this representation was misleading beucase one of the fund’s founders Su Zhu was a shareholder in the BVI-based fund.

The MAS reprimanded the platform for not notifying the regulator of changes in the directorships and the shareholdings of the directors as well as breaching the allowable sum that they are able to manage. During two periods from July 2020 to September 2020 and then between November 2020 and August 2021, the fund surpassed the $250 million in assets under the management limit. The notice came hot after a recent order to liquidate 3AC.

The court in the BVI ordered the liquidation of 3AC after the fund’s recent demise amid the crashing marekt and amid the implosion of DEFI project Terra and BTC’s crash in 2022, many entities came forward to divulge their exposure to 3AC. Voyager Digital revealed it lent out more than $660 million to crypto funds and issued 3AC with a notice of default in hopes of collecting the loan.

3AC Lenders, three arrows, bitmex, liquid

Exchanges FTX, BitMex, and Deribit liquidated the fund’s outstanding margin positions and BTC continued to crash as of late, dropping below $19,000.

As recently reported, The leading digital asset exchange recieved an in-principle approval from the Monetary Authority of Singapore to provide payment services in the Asian state. The regulator also gave a green light to the two additional companies as a part of the industry Genesis and Sparrow to over similar services. The Singapore MAS regulator added that can now offer services for the citizens of the city-state and the exchange explained that this approval will enable the exchange to offer plenty of settlement solutions within the Payment Services Act including the Digital Payment Token services for Singaporean clients. Commenting on the license was Kris Marszalek as the CEO and co-founder of the platform.

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