Dubai regulator says Three Arrows Capital has no license to operate in the emirate

The hedge fund Three Arrows Capital (3AC) is not registered with the Dubai Financial Services Authority (DFSA), although it had previously claimed to relocate its headquarters to the emirate. This is reported by CoinDesk, citing a regulator’s spokesperson.

“We can confirm that Three Arrows Capital is not an authorised firm and is not regulated by the DFSA,” the regulator said.

In May 2022, 3AC co-founder Su Zhu said that the fund plans to relocate its headquarters from Singapore to Dubai. He cited a more favourable regulatory environment among the reasons.

In Zhu’s Twitter profile, Dubai is also listed as his location.

In Singapore, Three Arrows Capital’s activities are overseen by the Monetary Authority of Singapore (MAS). To conduct business in the emirate, the company would have needed to file the appropriate application with the DFSA.

Earlier, co-founder Kyle Davies said that the hedge fund is considering selling part of its assets to salvage itself.

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