The Financial Services Regulatory Authority (FSRA) or the Global Abu Dhabi (ADGM) market have tasks application actions against the Hayvn group of companies after an investigation that discovered serious regulatory ruptures and misconduct.
The investigation resulted in the Financial Services Permit of Hayvn ADGM, an indefinite prohibition of former CEO Christopher Flinos to perform any function in financial services within ADGM, and financial sanctions that lead to four parts.
The sanctions were distributed as follows: $ 3.6 million against Hayvn Cayman (AC Holding Limited registered in the Cayman Islands), $ 3 million against Hayvn ADGM (AC Limited), $ 1.5 million against AC Holding Limited (a ADGM registered SPV) and $ 750,000 against Christopher Flinos personally.
CEO of Hayvn prohibited financial services after ADGM investigation
According to the FSRA, the investigation identified multiple serious infractions, including the ADGM of Hayvn that excites the scope of its permission by means of customer transactions through AC Holding, an unregulated entity.
The regulator found that both Hayvn Cayman and AC Holding carried out financial services without license related to virtual assets in ADGM from approximately October 2018 to May 2024.
The FSRA also determined that Christopher Flinos played a central role in the direction of the activity without a license and lacked integrity in his duties as Hayvn ADGM Superior Officer.
“The FSRA will take a solid and appropriate application action against the people and entities that violate our regulatory framework. In this case, the actions of the entities and individuals involved were the virtual virtual evaluation entity of Virtualses in a particular way based in ADGM, said Christopher Flinos. ADGM.
The investigation also revealed that the parties created and disseminated false and deceased information, even in 200 false documents on the Holling AC quinces provided to bank partners.
The FSRA also declared that Hayvn ADGM, Hayvn Cayman and Christopher Flinos provided false information to research regulators.
“To address this serious misconduct, the Hayvn ADGM license has been canceled, significant fines have been imposed on the entities involved, and Christopher Flinos have been forbidden to hold any function in relation to the financial services in ADGM. The FSRA remains always vigilant and committed to the entities and persons responsible for their actions and that guarantees the integrity of the financial system in ADGM,”, “” “,”, “,”? “
