Abu Davi Regulator is more than $ 12 million CEOs than Crypto Firm and Mincensive Activity.
ABU DHABI’s financial regulatory agencies have fined more than $ 12 million CEOs for encryption firms Hayvn and CEO for AML violations and unlicensed activities.
ABU DHABI Global Market’s financial service regulatory authorities have taken measures to violate regulations and unmanned encryption activities for Hayvn Group and former CEO Christopher FLINOS. In a press release on Monday, April 14, FSRA said it had canceled Hayvn’s financial service license by imposing a total of $ 88.5 million.
The ADGM’s registered authorities also imposed a separate fines of $ 3.6 million, of which $ 3.3 million, “participated in a variety of fraud systems,” in Fley North.
Other fines include $ 3.6 million for Hayvn Cayman, $ 3 million for Hayvn ADGM, $ 1.5 million for AC Jiru, and $ 750,000 for FLINOS themselves, FSRA banned to maintain a financial service at ADGM.
According to the financial regulatory agency, Hayvn ADGM has allowed the client transaction to pass the account owned by AC Holding, which is unlicensed. The regulatory authorities say that the company says, “It violates AML requirements by establishing and not maintaining proper systems and controls to manage operations and risks.
FSRA also said that Hayvn Cayman and AC have client transactions related to converting virtual assets into a currency, and vice versa through accounts that AC owns and controlled. According to the survey, Hayvn Cayman, AC HOLDING and FLINOS have shown that they create, preach, and spread information that is “false and misunderstood”, including “more than 200 false and misunderstood documents”.
According to Hayvn’s website, the platform allows users to trade encryption and accept online and direct encryption payments through services that can be purchased without a prescription. In November 2022, Hayvn’s board of directors approved the bidding plan for FTX Pay, FTX’s payment department. FLINOS said FTX PAY was a valuable asset because of the relationship with a large company like Mastercard. I’m not sure if Hayvn has completed the acquisition.