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Monetary Authority of Singapore (MAS) announced that the cryptocurrency fund Three Arrows Capital, which was on the verge of bankruptcy, was directly deceiving the regulator.
In 2013, the regulator granted Three ArrowsCapital's status as a registered investment fund is subject to assets under management not exceeding $250 million. Funds exceeded the maximum permitted value between July and September 2020 and between November 2020 and August 2021, according to MAS. The management emphasizes that the fund did not notify the regulator about changes in management and shareholders.
Monetary Authority of Singaporeintends to continue to press Three Arrows Capital to find out whether a breach of the MAS order is the reason the fund may now cease to exist.
Previously, 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.
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