Abu Dhabi Fines Hayvn & Former CEO over Licensing Violations, AML Breaches

Abu Dhabi’s financial watchdog has imposed a significant penalty of over $12 million against cryptocurrency firm Hayvn and its former CEO, Christopher Flinos, for violating regulatory guidelines. The penalties stem from serious violations related to anti-money laundering (AML) and operating without proper authorization. Hayvn’s license was revoked by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), resulting in a total fine of $8.85 million. A separate penalty of $3.6 million was issued by ADGM’s Registration Authority, directly attributed to Flinos for orchestrating fraudulent schemes.