I am not an expert on the financial markets in Singapore or the supervisory authority.
However, it looks like Singapore clips the wings of some financial wizards.
According to Wikipedia: "Three Arrows Capital (also known as 3AC or TAC) was a Singapore-based cryptocurrency hedge fund which was ordered to liquidate on 27 June 2022 by a court in the British Virgin Islands. It was founded in 2012 by Kyle Davies and Su Zhu. The company borrowed billions of dollars to fund its trading, and according to July 2022 bankruptcy filings, faces $3.5 billion in creditors' claims. The fund appears to have lost in excess of $3 billion over 2021 and 2022, making its collapse one of the largest hedge-fund trading losses of all time....
Kyle Davies and Su Zhu first met at Phillips Academy, and both studied at Columbia University before working for Credit Suisse for brief spells before setting up Three Arrows in 2012. In its early years, the company was focused on arbitraging emerging-market foreign-exchange derivatives and engaged in the practice of finding mispriced derivatives on electronic platforms and keeping them even if banks asked to cancel or amend the trades. This strategy, however, resulted in the fund only earning fractions of a cent for each dollar that was traded. This practice continued until banks started to cut off the fund from that market in 2017, which began the company's shift to cryptocurrencies. ..."
Kyle Davies and Su Zhu first met at Phillips Academy, and both studied at Columbia University before working for Credit Suisse for brief spells before setting up Three Arrows in 2012. In its early years, the company was focused on arbitraging emerging-market foreign-exchange derivatives and engaged in the practice of finding mispriced derivatives on electronic platforms and keeping them even if banks asked to cancel or amend the trades. This strategy, however, resulted in the fund only earning fractions of a cent for each dollar that was traded. This practice continued until banks started to cut off the fund from that market in 2017, which began the company's shift to cryptocurrencies. ..."
"Singapore announced on Thursday that it has banned the founders of collapsed crypto hedge fund Three Arrows Capital, Zhu Su and Kyle Davis, from participating in regulated capital market activities for nine years.
The country's financial regulator and central bank, the Monetary Authority of Singapore, said they will not be allowed to assume director positions or become substantial shareholders of capital markets companies in the city. The bans came into effect on Wednesday. ..."
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