{"id":102630,"date":"2025-04-15T00:00:00","date_gmt":"2025-04-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adgm-fines-crypto-firm-hayvn-group-and-its-ceo-a-total-of-usd-12-5-mn\/"},"modified":"2025-04-15T00:00:00","modified_gmt":"2025-04-15T00:00:00","slug":"adgm-fines-crypto-firm-hayvn-group-and-its-ceo-a-total-of-usd-12-5-mn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/04\/15\/adgm-fines-crypto-firm-hayvn-group-and-its-ceo-a-total-of-usd-12-5-mn\/","title":{"rendered":"ADGM fines crypto firm Hayvn Group and its CEO a total of USD 12.5 mn"},"content":{"rendered":"<p class=\"tag-border-left\">FINANCE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#1- <\/strong><strong>ADGM <\/strong><strong>fines crypto firm Hayvn Group<\/strong><strong> USD 12.5 mn:<\/strong> The ADGM's Financial Services Regulatory Authority (FSRA) imposed USD 8.9 mn in fines on entities associated with crypto processing payments company <a target=\"_blank\" href=\"https:\/\/resources.hayvnglobal.com\/\" style=\"\" rel=\"noopener\">Hayvn<\/a> and its CEO, Christopher Flinos, for regulatory breaches, according to statements (<a target=\"_blank\" href=\"https:\/\/www.adgm.com\/media\/announcements\/adgms-fsra-imposes-fines-of-USD-8-85-million-on-hayvn\" style=\"\" rel=\"noopener\">here<\/a> and <a target=\"_blank\" href=\"https:\/\/www.adgm.com\/media\/announcements\/adgms-ra-imposes-fines-of-usd-3.6-million-on-special-purpose-vehicle-ac-holding-and-christopher-flinos\" style=\"\" rel=\"noopener\">here<\/a>). ADGM\u2019s Registration Authority imposed a further USD 3.6 mn in fines, including USD 3.3 mn on Flinos for providing false information, fraudulent schemes, and falsifying documents.<strong> <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong style=\"background-color: transparent;\">What happened?<\/strong><span style=\"background-color: transparent;\"> The FSRA revoked Hayvn ADGM\u2019s Financial Services Permission (FSP) and barred Flinos from working in ADGM\u2019s financial sector for 15 years, after it found Hayvn exceeded its scope as a financial services provider by routing client transactions through its unregulated entity AC Holding with the aim of converting crypto into fiat currencies and vice versa without proper safeguards. The group failed to maintain adequate anti-money laundering controls, conducted unlicensed virtual asset services, and created false and misleading information regarding transactions. Flinos played a central role in the violations, the statement read.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>UK <\/strong><strong>private equity firm Hamilton Bradshaw will set up shop in Dubai<\/strong>, with a new office targeting startups, <a target=\"_blank\" href=\"https:\/\/www.alkhaleej.ae\/2025-04-13\/%D9%87%D8%A7%D9%85%D9%84%D8%AA%D9%88%D9%86-%D8%A8%D8%B1%D8%A7%D8%AF%D8%B4%D9%88-%D8%A7%D9%84%D8%A8%D8%B1%D9%8A%D8%B7%D8%A7%D9%86%D9%8A%D8%A9-%D8%AA%D8%AA%D9%88%D8%B3%D8%B9-%D8%B9%D8%A7%D9%84%D9%85%D9%8A%D8%A7%D9%8B-%D9%85%D9%86-%D8%AF%D8%A8%D9%8A-5864991\/%D8%A3%D8%B3%D9%88%D8%A7%D9%82-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA\/%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF\" style=\"\" rel=\"noopener\">Al Khaleej<\/a> reports. Founded by British businessman James Caan, the London-based firm will focus on companies working in fintech, digital media, real estate, accounting, marketing, and real estate.<\/p>\n<p class=\"tag-border-left\">FINTECH- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BKN301 <\/strong><strong>raises EUR <\/strong><strong>21.<\/strong><strong>5 mn, targets UAE and KSA: <\/strong><a target=\"_blank\" href=\"https:\/\/bkn301.com\/\" style=\"\" rel=\"noopener\">BKN301 Group<\/a>, a global banking-as-a-service (BaaS) fintech, secured a EUR 21.5 mn capital increase following a series B funding round to support its expansion into the UAE, Saudi Arabia, and certain European markets, according to two separate press releases (<a target=\"_blank\" href=\"https:\/\/www.zawya.com\/ar\/%D8%A7%D9%84%D8%A8%D9%8A%D8%A7%D9%86%D8%A7%D8%AA-%D8%A7%D9%84%D8%B5%D8%AD%D9%81%D9%8A%D8%A9\/%D8%A8%D9%8A%D8%A7%D9%86%D8%A7%D8%AA-%D8%A7%D9%84%D8%B4%D8%B1%D9%83%D8%A7%D8%AA\/301-238-y2huefgj\" style=\"\" rel=\"noopener\">here<\/a> and <a target=\"_blank\" href=\"https:\/\/bkn301.com\/bkn301-group-closes-e21-5-million-series-b-round-to-accelerate-global-expansion\/\" style=\"\" rel=\"noopener\">here<\/a>). The funding will go towards boosting organic growth and strategic acquisitions. The firm will also further develop its BaaS Orchestrator platform which offers integrated solutions for digital wallets, core banking, payments, card issuance, and cross-border financial services.<\/p>\n<p class=\"tag-border-left\">FINANCIAL SERVICES-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Al <\/strong><strong>Ansari teams up with ruya on no-fee cash deposit service:<\/strong> Remittance and foreign exchange provider <a target=\"_blank\" href=\"https:\/\/alansariexchange.com\/\" style=\"\" rel=\"noopener\">Al Ansari Exchange<\/a> has partnered with homegrown digital Islamic community bank <a target=\"_blank\" href=\"https:\/\/ruyabank.ae\/\" style=\"\" rel=\"noopener\">ruya<\/a> to offer customers instant cash deposit services at more than 260 of Al Ansari\u2019s branches across the UAE at no charge, according to a <a target=\"_blank\" href=\"https:\/\/alansariexchange.com\/news\/al-ansari-exchange-and-ruya-partner-to-offer-free-cash-deposits-across-the-uae\/\" style=\"\" rel=\"noopener\">statement<\/a>. The service runs through Al Ansari\u2019s domestic remittance network and is part of both firms\u2019 efforts to expand access to basic financial services.<\/p>\n<p class=\"tag-border-left\">LOGISTICS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- <\/strong><strong>dnata<\/strong><strong> ear<\/strong><strong>marks USD 110 mn for infrastructure projects: <\/strong>Homegrown air services provider dnata is investing over USD 110 mn into three major infrastructure projects in Dubai, Iraq, and the Netherlands, according to a <a target=\"_blank\" href=\"https:\/\/www.dnata.com\/media-centre\/dnata-brings-global-cargo-investments-and-future-focused-infrastructure-to-the-spotlight-at-iata-world-cargo-symposium\/\" style=\"\" rel=\"noopener\">statement<\/a> made on the sidelines of Dubai\u2019s IATA World Air Cargo Symposium. The breakdown: <\/p>\n<ul>\n<li>The company is investing <strong>USD 27 mn<\/strong> into <strong>developing its 57k sqm cargo center in Dubai South<\/strong> \u2014 scheduled to be completed by the end of the year and slated to have a handling capacity of 400k tons a year. Dnata broke ground on the project <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/7f14dea0-51db-44ac-8e73-452896dc1f59\/%253cmark%253ednata%253c%2Fmark%253e-breaks-ground-on-57k-sqm-warehouse-in-dubai-south\" style=\"\" rel=\"noopener\">back in December 2024<\/a>.<\/li>\n<li>The firm has earmarked <strong>USD 15 mn<\/strong> to establish a <strong>20k sqm cargo facility in Iraq\u2019s Erbil province<\/strong>. The facility \u2014 scheduled to be operational in July \u2014 will boost the firm\u2019s local handling capacity by 300% to reach 66k tons per year. <\/li>\n<li>dnata is pouring over <strong>USD 70 mn<\/strong> into its <strong>61k sqm Cargo City at Amsterdam Schiphol Airport<\/strong> \u2014 slated to launch operations in July with a handling capacity of over 85k tons annually. <\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>Quiqup to<\/strong><strong>uches down in KSA:<\/strong> UAE-based e-commerce logistics provider <a target=\"_blank\" href=\"https:\/\/www.google.com\/aclk?sa=l&amp;ai=DChcSEwjWpfv9hNmMAxUlrYMHHRKENNYYABAAGgJlZg&amp;co=1&amp;gclid=CjwKCAjw5PK_BhBBEiwAL7GTPcxGbHyAJp9OIWFS_1Xgkuv8tZQq_YHkr4awEiFjQw_SBG15jBkLHRoCtuAQAvD_BwE&amp;sig=AOD64_38z5dLBfoyoSQzkEr89dta3H1_Mw&amp;q&amp;adurl&amp;ved=2ahUKEwjd0Pb9hNmMAxUiQ_EDHc4DDH0Q0Qx6BAgZEAE\" style=\"\" rel=\"noopener\">Quiqup<\/a> has expanded into Saudi Arabia \u2014 launching its core fulfillment and delivery services in the Kingdom, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/uae-based-e-commerce-logistics-provider-quiqup-launches-operations-in-saudi-arabia-aqtv2w08\" style=\"\" rel=\"noopener\">statement<\/a>. The firm is backed by the Mohammed bin Rashid Innovation Fund (MBRIF) under its Guarantee Scheme loan program, which has supported Quiqup\u2019s operational expansion to double its business over the past two years and grow its customer base by 77% y-o-y between 2023 and 2024. The firm is looking to further expand into the GCC as it views the region \u201cas a connected e-commerce ecosystem where operational efficiencies in one market enhance the overall regional performance,\u201d CEO Bassel El Koussa said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Quiqup: <\/strong>The company \u2014 founded in 2017 \u2014 offers comprehensive logistics solutions, with a focus on small and medium-sized enterprises (SMEs). Quiqup provides storage, sorting, packaging and delivery services.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- <\/strong><strong>Etihad Ca<\/strong><strong>rgo has boosted its main deck capacity by 18% to address growing <\/strong><strong>customer demand in China<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.etihadcargo.com\/en\/news\/etihad-cargo-increases-main-deck-capacity-by-18-to-support-increased-demand-in-greater-china\" style=\"\" rel=\"noopener\">statement<\/a>. Etihad Airways\u2019 cargo arm will now operate a planned total of 18 flights to and from China in 2025 \u2014 up from 11 flights in 2024. The airline will also add three additional weekly freighter flights to Shenzhen and will wet-lease a 747-F carrier to support its bolstered freight operations. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Europe\u2019s also on the cards:<\/strong> Etihad Cargo plans to add two additional weekly flights to London Stansted Airport in effort to boost Abu Dhabi\u2019s links to Europe. <\/p>\n<p class=\"tag-border-left\">BANKING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Emirates <\/strong><strong>NBD has partnered with Visa to introduce the Visa+ remittance service in the <\/strong><strong>UAE<\/strong>, allowing customers to transfer funds to Visa cardholders in GCC nations using only a phone number or 16-digit card number, eliminating the need for entering IBAN number details, according to a <a target=\"_blank\" href=\"https:\/\/www.emiratesnbd.com\/ar\/media-center\/emirates-nbd-becomes-the-first-bank-in-the-uae-to-launch-visa\" style=\"\" rel=\"noopener\">press release<\/a>. It is the first Emirati bank to deploy the solution and comes as remittance volumes are set to increase, the press release read.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rollout plan: <\/strong>Initial connectivity enables transfers between Emirates NBD customers in the UAE and account holders at Qatar Islamic Bank and Bahrain Islamic Bank. Visa plans to expand the service to Pakistan and EU markets following the GCC rollout.<\/p>\n<p class=\"tag-border-left\">MANUFACTURING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Plastic <\/strong><strong>manufacturer Emirates Biotech appointed Samsung E&amp;A as the sole contractor <\/strong><strong>for its upcoming polylactic acid production plant<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/emiratesbiotech.com\/emirates-biotech-selects-samsung-ea-as-contractor-for-its-pla-production-plant\/\" style=\"\" rel=\"noopener\">press release<\/a>. Samsung E&amp;A will handle the facility's engineering, procurement, and construction and will integrate proprietary equipment from technology provider Sulzer. The plant, to be located in Abu Dhabi\u2019s Kezad, will produce biodegradable and environmentally friendly PLA, with operations expected to begin in early 2028.<\/p>\n<p class=\"tag-border-left\">CRYPTO-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SCB and OKX launch a crypto collateral program within VARA\u2019s framework:<\/strong> Standard Chartered and cryptocurrency exchange OKX launched a collateral mirroring program as a pilot within the Dubai Virtual Asset Regulatory Authority\u2019s regulatory framework, according to a <a target=\"_blank\" href=\"https:\/\/www.sc.com\/en\/press-release\/standard-chartered-and-okx-launch-world-leading-collateral-mirroring-programme\/\" style=\"\" rel=\"noopener\">press release<\/a>. The initiative allows institutional clients to use cryptocurrencies and tokenized money market funds as off-exchange collateral for trading. Standard Chartered will act as the regulated custodian in the Dubai International Financial Center (DIFC), while OKX manages the collateral and facilitates transactions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Participants: <\/strong>Franklin Templeton will be the first money market fund provider onboard, offering tokenized on-chain assets. Brevan Howard Digital, the crypto arm of Brevan Howard, is among the first institutional participants.<\/p>\n<p class=\"tag-border-left\">CAPITAL MARKETS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Capital.com is now offering access <\/strong><strong>to the <\/strong><strong>UAE\u2019s main stock exchanges,<\/strong> the Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM), allowing clients to trade CFDs on listed equities, state news agency <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/bj6aath-capitalcom-offers-global-investors-access-uae\" style=\"\" rel=\"noopener\">Wam<\/a> <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/bj6aath-capitalcom-offers-global-investors-access-uae\" style=\"\" rel=\"noopener\">reports<\/a>. <a target=\"_blank\" href=\"https:\/\/capital.com\/\" style=\"\" rel=\"noopener\">The firm\u2019s<\/a> regional HQ is located in Dubai.<\/p>\n<p class=\"tag-border-left\">AVIATION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ethiopian<\/strong><strong> Airlines flies to Sharjah:<\/strong> Ethiopian Airlines is set to launch four new weekly passenger services to Sharjah starting 1 June, according to a <a target=\"_blank\" href=\"https:\/\/corporate.ethiopianairlines.com\/Press-release-open-page\/ethiopian-airlines-prepares-to-launch-passenger-flight-service-to-sharjah-the-uae\" style=\"\" rel=\"noopener\">statement<\/a> released last week. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: dnata earmarks USD 110 mn for infrastructure projects<\/p>\n","protected":false},"author":1,"featured_media":102631,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1552],"tags":[489,47,847,1227,260,7,1467,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-102630","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-adgm","tag-also-on-our-radar","tag-burjeel-holdings","tag-dnata","tag-emirates-nbd","tag-enterpriseam-uae","tag-financial-services","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"fd7a0807-764a-4319-a2ef-63b27c717b66","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/1135.jpg","photo_position":"above","homepage_title":"","full_issue_title":"ADGM fines crypto firm Hayvn Group and its CEO a total of USD 12.5 mn","related_issue":[102612],"teaser":"Plus: dnata earmarks USD 110 mn for infrastructure projects","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/4\/.e5c7cd7a-850e-4c5b-8e6d-484dff4016b2.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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