Ann: Soar Labs settlement, page-22

CT, the rules are very clear. They are not that complex. But you have to have expertise in the banking industry around governance requirements, KYC etc. Unfortunately Phua thought that this was an IT project rather than mainly a financial control project. Plus apart from not doing the IT project well at all, he was so arrogant towards the gatekeepers (via their responses to queries) that the gatekeepers basically told them - Up Yours, you are a bunch of cowboys and until you recognise your shortcomings then you will stay suspended.

That's my take on it.

Don't lose your faith in crypto but before you invest again, dyor into the management and what expertise they have or haven't got.