Crypto company Hayvn has been fined $12.45 million and its license revoked in Abu Dhabi for lack of anti-money laundering controls
According to online reports, the Abu Dhabi Global Markets Financial Services Regulatory Authority (FSRA) fined crypto company Hayvn and its former CEO Christopher Flinos a total of US$12.45 million for handling customer transactions through unlicensed SPV entity AC Holding since 2018 and lacking effective anti-money laundering controls for a long time. The FSRA called the case "particularly serious". In addition to revoking Hayvn's ADGM license, it also permanently banned Flinos from working in the local financial services sector, involving more than 200 forged documents and misleading regulatory behavior.
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