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Dubai Regulators Confirm Three Arrows Capital Not Registered in the UAE

Tyler Irvin

Summary: The Dubai Financial Services Authority (DFSA) confirmed that the struggling crypto fund Three Arrows Capital has not relocated from Singapore to Dubai, despite stated plans, according to a CoinDesk report. “We can confirm that Three Arrows Capital is not a DFSA authorized firm and is not regulated by the DFSA,” the DFSA told CoinDesk via ...

The Dubai Financial Services Authority (DFSA) confirmed that the struggling crypto fund Three Arrows Capital has not relocated from Singapore to Dubai, despite stated plans, according to a CoinDesk report.

“We can confirm that Three Arrows Capital is not a DFSA authorized firm and is not regulated by the DFSA,” the DFSA told CoinDesk via email.

This report is confirmed by the Dubai International Financial Centre’s website through a quick search using “Three Arrows.” Other than an air-conditioning company, no companies named “Three Arrows” have registered in the United Arab Emirates (UAE), which is essential to do in order to provide financial services there.

According to CoinDesk, it only takes four to five days to set up an account, which almost confirms that Three Arrows Capital did not register with the DIFC when 3AC’s co-founder Su Zhu made the relocation announcement towards the end of April. Unless the hedge fund manager registered in the UAE in the last few days, it is highly unlikely the company was previously registered in the country.

Despite these facts, Zhu has listed Dubai as his location on his Twitter.

The thought of moving to Dubai is almost certainly on hold as Three Arrows Capital finds itself facing an insolvency crisis after receiving at least $400 million in liquidations from various crypto lending firms. They are currently exploring options to avoid bankruptcy but it’s not looking good for Zhu and fellow co-founder Kyle Davies.

In addition, Voyager is requesting a repayment of roughly $668 million lent to 3AC by June 27, threatening to issue a notice of default if they are not repaid in full. These are certainly troubling times for 3AC and the crypto industry as a whole.

Three Arrows Capital has been relatively coy on the matter with their only tweet on their twitter saying, “Committed to working this out, do not believe all that has been written about us.”