based on materials from the website - By Cryptopolitan_News
An Australian businessman has been accused of misleading investors following the collapse of his cryptocurrency company. Christopher Flinos has been banned in the Cayman Islands and Abu Dhabi after his cryptocurrency company Hayvn went bankrupt amid fraud allegations in Melbourne.
According to reports, Christopher Flinos led a company that positioned itself as a regulated and compliant payment solution for authorizing, clearing, and settling cryptocurrency payments. The company also obtained a license to operate in the Cayman Islands.
However, in June, his company’s license was revoked by the Cayman Islands Monetary Authority (CIMA), which prohibited Flinos from serving as a director of the company in the country.
It is reported that prior to the ban in the Cayman Islands, regulatory authorities in Dubai, the capital of the United Arab Emirates, brought fraud charges against him, claiming that his company Hayvn was not complying with anti-money laundering regulations.
Flinos served as the CEO of the company, and an official notice issued by the Abu Dhabi Global Market Registration Authority on March 30 indicates that he owns one-third of the business.
According to Hayvn’s website, Flinos has been the company’s CEO since 2019 and previously worked as an investment banker. In 2014, he helped establish CH Stirling, a small investment bank in Dubai, whose reception area reportedly featured a full-sized pool table, according to Bloomberg.
Additionally, he worked at Abu Dhabi Commercial Bank and Merrill Lynch. Hayvn stated that it had entered into an agreement with a local firm, Venue Smart, which allowed the company to expand its presence in Australia.
The company provided payment terminals to pubs, clubs, and other businesses in the hospitality industry. Thus, thousands of vendors could offer their customers convenient cryptocurrency payment solutions, according to a press release from Flinos at the time.
In another interview in 2023, Flinos also emphasized the security of Hayvn following the collapse of the cryptocurrency exchange FTX.
“People are now worried about where their coins are stored, and the ability to provide our clients with custodial services in a regulated environment is becoming increasingly important,” he said. He added that Hayvn would primarily focus on business clients, allowing the company to remain under the radar. “We have quietly begun to create arguably the largest virtual asset business in the Middle East while trying to stay out of the media spotlight,” he added.
In a 39-page notice published in March, Abu Dhabi authorities stated that Flinos misled them and banks regarding another company he owned, AC Holding, which was licensed to operate as a passive investment company.
Authorities noted that instead of acting in accordance with the license, the Australian used the company as a payment vehicle for Hayvn and its cryptocurrency users. The agency stated that Flinos was involved in fraud, “facilitating the falsification of hundreds of corporate documents,” including bank account opening applications, invoices, and accounts for AC Holding.
In another notice published in April, the agency mentioned that one of Hayvn's companies did not comply with AML/CFT regulations as it lacked evidence of conducting risk assessments on six clients. When the company finally conducted a comprehensive review, the agency stated that it could not determine what activities the clients were engaged in or where their money came from. It was also added that the company failed to identify one of its clients as a 'politically exposed person.'
$BTC , $XRP , $BNB
#Сryptomarketnews , #CryptoRally
Here, in one news feed, we collect and publish the latest news from more than a dozen news websites and print publications regarding changes in the cryptocurrency market and global financial changes!!!
Welcome to us! If you found the news interesting, don't forget to share it with others interested in the world of cryptocurrencies. There’s enough news for everyone!!! 😉
