📢The latest news from Odaily Planet Daily! Singapore’s financial regulator has imposed a nine-year ban on Su Zhu and Kyle Davies, the two founders of crypto hedge fund Three Arrows Capital! 😱This means they will be prohibited from engaging in any regulated activity, including managing a capital markets services company, serving as a director or being a substantial shareholder. 🚫

The ban comes as the Monetary Authority of Singapore accused Three Arrows Capital of providing false information and failing to implement an appropriate framework risk management system. 📉Loo Siew Yee, Assistant Managing Director for Policy, Payments and Financial Crime at the Monetary Authority of Singapore, said in a statement that the Monetary Authority of Singapore takes seriously Su Zhu and Kyle Davies’ blatant disregard of the Monetary Authority’s regulatory requirements and their dereliction of duty. 👮‍♀️

Despite the neutral market stance, we remain positive on Bitcoin. 💪In this ever-changing industry, let us pay attention to the global regulatory developments, industry trends and cryptocurrency news of blockchain! 🌐