Dubai Regulator: 3AC Does Not Have a License to Operate in the Country

Hedge fund Three Arrows Capital (3AC) is not registered with the Dubai Financial Services Authority (DFSA), although it has previously announced plans to move its headquarters to the emirate, CoinDesk has reported.

According to the regulator:

“We can confirm that Three Arrows Capital is not an authorized firm and is not regulated by the DFSA.”

3AC co-founder Zhu Su announced last month that the fund plans to move its headquarters from Singapore to Dubai. Among the reasons, he cited a more favorable regulatory environment.

Zhu’s Twitter profile also lists Dubai as his location.

3AC is overseen by the Monetary Authority (MAS) in Singapore,. To organize a business in the emirate, the company had to submit an appropriate application to the DFSA.