The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has announced the imposition of enforcement measures following an investigation into serious regulatory breaches and misconduct involving the Hayvn Group of Companies—trading as “HAYVN”—its former Chief Executive Officer, Christopher Flinos, and associated entities.
According to a press release issued today by the FSRA, the investigation determined that three affiliated firms, along with the conduct of Christopher Flinos, were involved in significant regulatory failings and improper practices.
During the course of the investigation, the FSRA ensured that no client assets or funds within ADGM were compromised due to the misconduct. The enforcement measures taken include the revocation of the Financial Services Permission (FSP) previously granted to “Hayvn ADGM,” a permanent prohibition against Christopher Flinos from undertaking any financial services role within ADGM, and the issuance of financial penalties amounting to USD 8.85 million across four parties.
The penalties levied by the FSRA comprise a USD 3.6 million fine on AC Holding Limited—registered in the Cayman Islands as “Hayvn Cayman,” the parent firm of entities providing virtual asset-related financial services under the “HAYVN” brand; a USD 3 million fine on AC Limited (Hayvn ADGM), a subsidiary of Hayvn Cayman authorised by the FSRA to carry out specific virtual asset financial services within ADGM; a USD 1.5 million fine on AC Holding Limited, a Special Purpose Vehicle (SPV) registered with the ADGM Registration Authority, not licensed by the FSRA and unaffiliated with Hayvn Cayman or Hayvn ADGM; and a USD 750,000 fine on Christopher Flinos, the former CEO of Hayvn ADGM, current CEO of Hayvn Cayman, and the sole owner and director of AC Holding.
