Latest news with #ADGMCommercialLicensingRegulations2015
Zawya
14-04-2025
- Business
- Zawya
Virtual assets platform Hayvn, related entities fined $12.4mln in Abu Dhabi ADGM crackdown
Abu Dhabi financial free zone regulators have imposed a total fine of $12 million on Hayvn Group, related entities and its former CEO for regulatory breaches. Fines totalling $8.85 million have been levied by Abu Dhabi Global Market's Financial Services Regulatory Authority (FSRA), while ADGM's Registration Authority (RA) has imposed fines of $3.6 million, the financial free zone said in separate statements on Monday. The former CEO Christopher Flinos has also been barred indefinitely from transacting business in ADGM. The actions of the entities and individuals involved were particularly serious, as they conducted unauthorised Virtual Asset activities through an unregulated entity based in ADGM, the statement said. Details of the fines imposed by FSRA, totalling $8.85 million: -$3.6 million against AC Holding Ltd. registered in the Cayman Islands, the parent company of a group of entities operating under the name 'Hayvn'. The entity that provided financial services related to virtual assets -$3 million against AC Limited (Hayvn), an ADGM-based subsidiary of Hayvn Cayman. It was licensed and regulated by the FSRA to conduct specific financial services activities in virtual assets -$1.5 million against AC Holding Limited, a special purpose vehicle registered with the Registration Authority of ADGM. It was not licensed by the FSRA to carry out any form of financial services activity in ADGM -$750,000 against Flinos, the former senior executive officer of Hayvn ADGM, CEO of Hayvn Cayman, sole owner and director of AC Holding Details of the fines imposed by RA, totalling $3.61 million: -$15,000 against AC Holding for exceeding the scope of its license in contravention of ADGM Commercial Licensing Regulations 2015 - $300,000 against AC Holding for filing false annual accounts about its balances with the RA and various fraudulent schemes in contravention of the ADGM Companies Regulations 2020 - $3.3 million against Christopher Flinos for providing false information to the RA, engaging in various fraudulent schemes and the falsification of company documents in contravention of the ADGM Companies Regulations 2020. (Writing by Brinda Darasha; editing by Seban Scaria)
Arabian Business
14-04-2025
- Business
- Arabian Business
ADGM RA fines Christopher Flinos, AC Holding for cryptocurrency conversion violations
The Registration Authority (RA) of the Abu Dhabi Global Market (ADGM) has concluded its investigation into Special Purpose Vehicle (SPV) AC Holding Limited (AC Holding) and its sole shareholder and director, Christopher Flinos. The investigation uncovered significant violations of the financial centre's regulations by AC Holding and Flinos. According to the RA, AC Holding exceeded the scope of its commercial license by acting as an investment company and offering financial services to clients. ADGM registration authority concludes investigation into AC Holding and Director Christopher Flinos The company was also involved in processing wire transactions to convert cryptocurrencies into fiat currencies and vice versa, which is outside the scope of its authorised activities. Additionally, AC Holding submitted four false annual accounts to the RA for the financial years 2019 to 2022. Christopher Flinos was found to have engaged in fraudulent trading. He facilitated unlicensed cryptocurrency conversion transactions, misleading various parties about the nature of the transactions. Flinos also facilitated the falsification and provision of hundreds of company documents to maintain bank accounts fraudulently. As a result of these violations, the RA has imposed a total of $3,615,000 in financial penalties. These include: A fine of $15,000 against AC Holding for exceeding the scope of its license under the ADGM Commercial Licensing Regulations 2015. A fine of $300,000 against AC Holding for filing false annual accounts and engaging in fraudulent schemes in violation of the ADGM Companies Regulations 2020. A fine of $3.3 million against Christopher Flinos for providing false information to the RA, engaging in fraudulent activities, and falsifying company documents, also in contravention of the ADGM Companies Regulations 2020. In addition to the financial penalties, Christopher Flinos has been disqualified from holding the position of director in any ADGM-based company for the maximum allowed period of 15 years. The RA has deemed Flinos unfit to serve as a company director due to his deliberate misuse of AC Holding's SPV commercial license as a payment facilitator and his involvement in fraudulent activities. 'Maintaining business integrity and safeguarding business confidence in ADGM are at the forefront of the Registration Authority's objectives. We remain committed to preventing and deterring conduct that may harm businesses, their clients and investors. Where non-compliance is identified, the Registration Authority will take effective, proportionate and dissuasive disciplinary action to protect ADGM participants. This includes banning individuals who lack fitness and propriety and pose an unacceptable risk to investors from holding leadership positions within companies in ADGM,' Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority said.
Al Etihad
14-04-2025
- Business
- Al Etihad
ADGM's RA imposes fines of $3.6 million on Special Purpose Vehicle AC Holding
14 Apr 2025 13:42 ABU DHABI (WAM)The Registration Authority (RA) of ADGM announced that it has concluded its investigation into the Special Purpose Vehicle (SPV), AC Holding Limited (AC Holding), and its sole shareholder and director, Christopher investigation found that AC Holding exceeded the scope of its ADGM SPV commercial licence by purporting to be an investment company offering financial services for clients and processing wire transactions to convert Cryptocurrencies into Fiat currencies and vice versa. Moreover, AC Holding submitted four false annual accounts to the RA for the financial years 2019 to RA also found that Christopher Flinos engaged in fraudulent trading, where AC Holding facilitated (unlicensed) cryptocurrency conversion transactions and a number of parties were misled about the transactions. Christopher Flinos also facilitated the falsification and provision of hundreds of company documents to fraudulently maintain bank a result, the RA has imposed financial penalties totalling $3,615,000, including $15,000 against AC Holding for exceeding the scope of its licence in contravention of ADGM Commercial Licensing Regulations 2015; $300,000 against AC Holding for filing false annual accounts about its balances with the RA and various fraudulent schemes in contravention of the ADGM Companies Regulations 2020; and $3.3 million against Christopher Flinos for providing false information to the RA, engaging in various fraudulent schemes and the falsification of company documents in contravention of the ADGM Companies Regulations RA also disqualified Christopher Flinos from being the director of any ADGM-based company for the maximum allowed period of 15 RA considers Christopher Flinos unfit to serve as a company director in ADGM due to his intentional misuse of AC Holding's passive SPV commercial licence as a payment facilitator, as well as the fraudulent actions taken to facilitate such Sayah Al Mazrouei, CEO of ADGM Registration Authority, said, 'Maintaining business integrity and safeguarding business confidence in ADGM are at the forefront of the Registration Authority's objectives. We remain committed to preventing and deterring conduct that may harm businesses, their clients and investors. "Where non-compliance is identified, the Registration Authority will take effective, proportionate and dissuasive disciplinary action to protect ADGM participants. This includes banning individuals who lack fitness and propriety and pose an unacceptable risk to investors from holding leadership positions within companies in ADGM.'
