The Abu Dhabi-based cryptocurrency exchange HAYVN has been hit with a hefty $12.45 million fine for serious breaches of anti-money laundering (AML) regulations. The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) announced the penalty, stating that HAYVN "operated with virtually no anti-money laundering measures in place." The FSRA is also revoking HAYVN's operating license, effectively shutting down its operations within the ADGM. This action highlights the increasing scrutiny and tightening regulations surrounding cryptocurrency exchanges globally, particularly concerning AML compliance. Cryptocurrency exchanges must implement robust AML programs to prevent financial crime and maintain the integrity of the financial system. This penalty serves as a stark warning to other crypto businesses operating in the UAE. ```
