FSRA reported that it revealed serious violations in the activities of affiliated Flinos companies, therefore it was forced to apply a fine of $ 8.85 million on them. In particular, Hayvn Cayman will pay $ 3.6 million, Hayvn Adgm – $ 3 million, AC Holding – $ 1.5 million and $ 750,000 $ 750,000 must Flinos himself pay the state. At the same time, he is forbidden to occupy any position in the field of financial services. The regulator also annulled the HAYVN license to provide financial services.
The regulator imposed a separate fine of $ 3.3 million on a flinos for participating in various fraudulent schemes. According to FSRA, Hayvn ADGM made client transactions through accounts belonging to AC Holding, working without a license. The company did not use control systems to manage operations and risks, and did not record transactions with customers, thereby violating Aml requirements.
FSRA also found that Hayvn Cayman and AC Holding converted digital assets into fiat currency and vice versa, through accounts belonging to AC Holding. In addition, Hayvn Cayman, AC Holding and Flinos distributed false and misleading information, including more than 200 fictitious documents.
Last year, FSRA proposed allowing the release of tokens with high -quality liquid reserves. Earlier, the Virtual Activation Department of Emirate Dubai forbade the use of anonymous cryptocurrencies Monero, Dash or Zcash.
Source: Bits
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