Daily Dash: Three Arrows Crypto Founders Get Cut Out Of Finance

September 18, 2023
The co-founders of crypto investment firm Three Arrows Capital have been issued with nine-year prohibition orders from the Singaporean authorities for failing to identify and monitor risks with their crypto investments, Peru’s clearing house has announced that QR codes are now interoperable across all payment processors, and TikTok has been fined by Ireland’s data protection authorities.

Three Arrows Co-Founders Hit By Nine-Year Prohibition Orders

The co-founders of bankrupt hedge fund Three Arrows Capital (3AC) have been issued nine-year prohibition orders by the Monetary Authority of Singapore (MAS).

Under the prohibition orders, Zhu Su and Kyle Davies are banned from performing any regulated activity and from taking part in the management of any firm that is regulated under the Securities and Futures Act 2001 (SFA).

According to the MAS, Su and Davies failed to put in place a framework to identify, monitor and address risks associated with the crypto investments that were under their management.

The prohibition orders build on reprimands that were already handed to Su and Davies for providing false information to the MAS and exceeding the maximum threshold of assets under management for a registered fund company.

Last summer, 3AC fell into bankruptcy following the collapse of the TerraUSD stablecoin, as covered by Vixio. 

Peru Achieves QR Code Interoperability

Peru’s private clearing house, the Cámara de Compensación Electrónica (CCE), has announced that QR codes are now interoperable across all payment processors.

As reported by Vixio, digital payments in Peru have faced several challenges. Sending money is often too costly, electronic money acceptance is low and digital wallets do not interoperate with each other.

For example, last May, regulators pointed out that Yape, the largest digital wallet in the country, was interoperable with only 20 percent of other financial system participants and its closest competitor, Plin, could interoperate with 15 percent only.

For years, the CCE has been working to promote digital payments and break down these barriers.

Last September, the clearing house said it was working on a Pix-like payment service, which has “an experience very similar to that of a digital wallet”.

According to the CCE, digital wallets can now process all QR codes which will help increase financial inclusion in the country.

TikTok Fined Over GDPR Non-Compliance In Ireland

The Irish Data Protection Commission has announced a €345m fine for TikTok.

The fine is due to its handling of children’s personal data between July 31 and December 31, 2020. 

The DPC has also reprimanded the Chinese tech company and given it three months to fully comply with its obligations under the General Data Protection Regulation (GDPR).

The DPC is also investigating TikTok over the transfer of personal data to China, something being probed by authorities in the US as well. 

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