Three Arrows Capital (3AC) Reprimanded by MAS: False Information and Exceeding AUM
THE Monetary Authority of Singapore (MAS) has reprimanded Three Arrows Capital (3AC) for providing false information and exceeding the assets under management it was permitted to hold. This marks a significant development in the ongoing saga surrounding the collapsed crypto hedge fund.
The Monetary Authority of Singapore (MAS) has reprimanded Three Arrows Capital (3AC), one of the biggest crypto hedge funds, for providing false information to MAS. The investigation revealed serious regulatory breaches concerning the fund's operations in Singapore.
Three Arrows, also known as 3AC, was reprimanded by the MAS on Thursday (June 30) for providing false information and for managing more assets than it was allowed to. This violation underscores the severity of the fund's misconduct and its failure to comply with regulatory requirements.
Besieged cryptocurrency hedge fund Three Arrows Capital, also known as 3AC, received a reprimand from the Monetary Authority of Singapore (MAS) today. The reprimand highlights the increased scrutiny and regulatory oversight of the cryptocurrency industry.
SINGAPORE Crypto hedge fund Three Arrows Capital Pte Ltd was reprimanded by Singapore's central bank for providing false information and exceeding the permitted assets under management. The Monetary Authority of Singapore reprimanded Three Arrows Capital, 3AC today because of false information, failure to notify them about changes, and exceeding their AUM limits. The key issues included providing misleading information about the location of its fund management and failing to disclose crucial changes in its directorship.
This reprimand by the MAS signals a clear message that regulatory bodies are taking a proactive stance against crypto firms operating outside the bounds of established regulations. The repercussions for 3AC are significant, further impacting its already strained financial situation. This news comes amidst the ongoing liquidation process and further tarnishes the reputation of the once-prominent crypto hedge fund. Investors and stakeholders are closely monitoring the situation as the legal and financial ramifications unfold. The Three Arrows Capital saga serves as a stark reminder of the importance of transparency, compliance, and responsible asset management within the volatile cryptocurrency market.