The Monetary Authority of Singapore (MAS) today issued nine-year prohibition orders (POs) against Zhu Su and Kyle Livingston Davies.

Zhu formerly held the position of Chief Executive Officer and Director of Three Arrows Capital Pte Ltd (TACPL), while Davies served as its Chairman and Director.

This regulatory update is expected to affect Zhu's current position of co-founder in OPNX, an exchange that has been the subject of controversy, especially after Dubai's Virtual Asset Regulatory Authority (VARA) fined the exchange for $2.7 million dollars due to "market offenses"

MAS states that these actions come as a result of their violations of the Securities and Futures Act 2001 (SFA) and Securities and Futures (Licensing and Conduct of Business) Regulations (SFR).

Prohibited From Regulated Activity in Singapore

Under the POs, which took effect on 13 September 2023, Zhu and Davies are now prohibited from engaging in any regulated activity.

Additionally, they are barred from participating in the management of, serving as directors for, or becoming substantial shareholders in any capital market services firm under the SFA.

The MAS initiated these prohibition orders following previous disciplinary actions against TACPL in June 2022.

These actions included accusations of TACPL providing false information to MAS, failing to notify MAS about changes in leadership and shareholdings involving Zhu and Davies, and surpassing the assets under management threshold allowable for a registered fund management company.

During the course of its investigation, MAS uncovered additional contraventions of the SFA and SFR by TACPL spanning from August 2020 to January 2022.

MAS Continues to Define Regulatory Framework

This isn't the first time the MAS has acted to further define the crypto space in Singapore.

In August, Coinlive reported on how the regulator published new guidelines for stablecoin issuers.