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The Singapore High Court has rejected Three Arrows Capital’s (3AC) motion to dismiss a lawsuit filed by Arthur Cheong, founder of the web3 investment firm DeFiance Capital. The latest decision marks a pivotal moment in the ongoing legal battle between the two entities, shedding light on the complexities of asset ownership and trust in the crypto space. Origins of the DeFiance vs. 3AC dispute Arthur Cheong’s lawsuit , initiated in April 2023, centers on the assertion that investors of DeFiance Capital are the rightful beneficial owners of assets held in trust by 3AC. Cheong’s argument challenges the use of these funds by the 3AC estate to settle creditor claims following the hedge fund’s bankruptcy. The dispute traces back to an agreement between Cheong and 3AC founders Su Zhu and Kyle Davies to establish DeFiance Capital as an independent fund within the 3AC Group platform. The arrangement granted DeFiance Capital access to 3AC’s resources, including ...

XREX, a crypto exchange in Asia focusing on cross-border payment s, has secured in-principle approval for a Major Payment Institution (MPI) license in Singapore. On Nov. 17, XREX announced on X (formerly Twitter) that it had received initial approval from the Monetary Authority of Singapore for a license that would eventually allow the firm to offer digital payment token services and products in the city-state. XREX has received the in-principle approval for the Major Payment Institution license in #Singapore, issued by the Monetary Authority of Singapore. This means that XREX Singapore can operate the following services: (1/3) pic.twitter.com/VT0pJUvpxZ — XREX Inc. (@xrexinc) November 17, 2023 Once fully acquired, the license will enable the company to expand BitCheck, a payment tool that facilitates transactions with fiat currencies, stablecoins, and other cryptocurrencies. “Hard-fought, the approval from the MAS has taken years to come to fruition, and rightly s...

Ripple Gains Payments License in Singapore Ripple on June 22 announced that its subsidiary Ripple Markets APAC Pte Ltd has received in-principle approval of the Major Payments Institution license from Singapore ’s central bank Monetary Authority of Singapore (MAS). The firm also took to Twitter to announce that it has deepened its root in the Asia-Pacific region. advertisement We’re honored to obtain In-Principle Approval of a Major Payments Institution License from the @MAS_sg – allowing us to offer regulated digital asset products and services, and scale customer use of #ODL. 🇸🇬 Learn more: https://t.co/8Ylc3lZSeg — Ripple (@ Ripple ) June 22, 2023 Recommended Articles Crypto Presale Projects For 2023 To Invest; Updated List Must Read ...