The Monetary and Financial Authority of Singapore (MAS) announced that the Three Arrows Capital cryptocurrency fund, which was on the verge of bankruptcy, was engaged in direct deception of the regulator.
In 2013, the regulator granted Three Arrows Capital the status of a registered investment fund, provided that the amount of assets under its management does not exceed $250 million. According to the MAS, the amount of funds exceeded the maximum amount allowed between July and September 2020 and from November 2020 to August 2021. The management emphasizes that the fund did not notify the regulator about changes in management and shareholders.
The Monetary Authority of Singapore is going to continue to put pressure on Three Arrows Capital to find out whether the violation of the MAS order caused the fund to now cease to exist.
Earlier, the Singaporean regulator emphasized that it will not tolerate “bad behavior” in the industry, and will respond as harshly as possible to any violations by cryptocurrency companies.
