PANews reported on April 15 that the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market fined crypto company Hayvn and its former CEO Christopher Flinos a total of $12.45 million for processing customer transactions through the unlicensed SPV entity AC Holding since 2018 and lacking effective anti-money laundering controls for a long time. FSRA called the case "particularly serious" and in addition to revoking Hayvn ADGM's license, it also permanently banned Flinos from working in the local financial services sector, involving more than 200 forged documents and misleading regulatory behavior.
Crypto firm Hayvn fined $12.45 million in Abu Dhabi and had its license revoked for AML control deficiencies
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