Abu Dhabi regulator fines crypto firm and its CEO over $12m over unlicensed activity
Abu Dhabi’s financial regulator has fined crypto firm Hayvn and its CEO more than $12 million for AML breaches and unlicensed activity.
The Financial Services Regulatory Authority of Abu Dhabi Global Market has taken enforcement action against Hayvn Group and its former CEO, Christopher Flinos, for regulatory breaches and unlicensed crypto activity. In a press release on Monday, April 14, the FSRA said it imposed a total of $8.85 million in fines and cancelled the financial services license of Hayvn.
In addition, ADGM’s Registration Authority also imposed a separate fine of $3.6 million, of which $3.3 million was imposed on Flinos for “engaging in various fraudulent schemes.”
Other fines include $3.6…
