The Monetary Authority of Singapore (MAS) issued a reprimand to Three Arrows Capital (3AC) for providing false information and exceeding the allowable threshold of assets under management.

The Firm violated the Securities and Futures Act 2001 and the Securities and Futures Rules. MAS has been reviewing the situation since June 2021.

The press release says that the management company license obtained by 3AC in August 2013 includes restrictions on the way it works with 30 qualified investors with assets of up to 250 million. SGD.

In fact, 3AC exceeded this threshold twice, from July to September 2020 and from November 2020 to August 2021.

On September 1, 2021, 3AC transferred management of the sole fund to an offshore company registered in the British Virgin Islands. He continued to manage some of the fund assets in February 2022. On 29 April, 3AC notified MAS of its intention to dissolve the Singapore legal entity effective 6 May 2022.

The company did not disclose that it has a joint shareholder of its offshore structure and 3AC. The Firm also did not notify MAS of any changes in its management and shareholding structure within the required timeframe.

Recall that recently the British Virgin Islands court decided to liquidate the Three Arrows Capital hedge fund.

In June, the Central Bank of Singapore threatened to eradicate irregularities in the cryptocurrency industry with “relentless rigor.”

Earlier, Dubai regulator had clarified that 3AC does not have a license to operate in the Emirates.

Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.