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The Central Bank of Singapore condemned Three Arrows Capital for violation of norms
Singapore monetary control (MAS) was announced by Three Arrows Capital (3AC) Conspiracy to provide false information and exceed the permitted threshold of assets under control.
The company violated the law on securities and futures of 2001 and the rules on securities and futures. MAS has been studying the situation since June 2021.
The press release states that the 3AC license of the management company received in August 2013 involved restrictions in the form of work with 30 qualified investors with assets 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, 3C transferred the Office of the only Fund of the Offshore Company registered on the British Virgin Islands. In February 2022, it resumed the Office of part of the fund assets. On April 29, 3AC notified Mas about her intention to stop the activities of a legal entity in Singapore from May 6, 2022.
The company did not report that the offshore structure and 3AC had a common shareholder. Also, the company did not notify MAS in the required time for changes in the leadership and composition of shareholders.
Recall, the other day, the court of the British Virgin Islands decided to eliminate the Head Fund Three Arrows Capital.
In June, the Central Bank of Singapore threatened “inexorably harshly” to fight violations in the cryptocurrency industry.
Previously, the Dubai regulator announced the absence of a 3C license to work in the emirate.
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