Singaporean Authorities Censured 3AC for Submitting False Information

Three Arrows Capital, also known as 3AC, a troubled cryptocurrency hedge fund, was reprimanded by the Monetary Authority of Singapore (MAS) today for providing false information and exceeding the regulatory authority’s allowed threshold for assets under management. Authority Awarded Registered Status in 2013 However, according to a release, the authority says the company breached its AUM threshold between July 2020 and September 2020 and November 2020 and August 2021. 3AC received its RFMC status in August 2013, enabling it to manage assets worth no more than S$250 million and engage in fund management activities with 30 eligible investors. On September 1, 2021, 3AC novated the management of the sole fund it administered to a British Virgin Islands-based offshore company. Three Arrows Capital informed the Monetary Authority of Singapore (MAS) on April 29, 2022, that the company intended to stop managing funds in Singapore as of May 6, 2022, despite taking back control of a portion of the fund’s assets in February 2022. The MAS continued by saying that it is investigating whether there were any additional violations of its regulations because there is speculation that the hedge fund may no longer be solvent. This occurred only a few days after 3AC was placed in liquidation by a British Virgin Islands (BVI) court order. The court-appointed financial advisory firm Teneo handled the liquidation. As a liquidation handler, Teneo’s m...