Hyderabad, April 14 -- In a significant joint enforcement action, the Financial Services Regulatory Authority (FSRA) and the Registration Authority (RA) of Abu Dhabi Global Market (ADGM) have imposed penalties totalling USD 12.46 million (Rs 1,07,27,62,760) on the virtual asset trading platform Hayvn Group, its former CEO Christopher Flinos, and related entities for serious regulatory breaches in their operations.

The investigation revealed that Hayvn ADGM, a subsidiary of Hayvn Cayman, allowed transactions to flow through accounts held by an unlicensed entity, AC Holding, while failing to meet Anti-Money Laundering (AML) requirements.

As a result, the FSRA cancelled Hayvn ADGM's financial services permission and indefinitely banned Fli...