TechFlow news, April 15 — According to Decrypt, the Abu Dhabi financial regulator has fined cryptocurrency firm Hayvn Group $12.45 million for lacking adequate anti-money laundering controls since October 2018. The investigation revealed that Hayvn and its former CEO Christopher Flinos conducted client transactions through an unlicensed special-purpose vehicle, AC Holding, and provided over 200 forged documents to banking partners. In addition to the fine, the regulator has revoked Hayvn's operating license and permanently barred Flinos from serving as a director in Abu Dhabi's financial services sector. Authorities stated that no customer funds were lost during the six-year regulatory gap.
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