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Abu Dhabi Global Market authorities have levied a combined fine of $12 million against Hayvn Group, its associated entities, and former Chief Executive Officer Christopher Flinos for conducting unauthorised virtual asset activities through an unregulated entity within the financial free zone.

The Financial Services Regulatory Authority imposed penalties amounting to $8.85 million, while the Registration Authority enforced additional fines totalling $3.6 million. Furthermore, Flinos has been indefinitely barred from engaging in any business activities within ADGM.

The regulatory bodies determined that Hayvn and its affiliates operated virtual asset services without the necessary authorisation, thereby breaching ADGM’s stringent financial regulations. These actions were deemed particularly serious due to the potential risks posed to investors and the integrity of the financial system.

Hayvn, established as a digital asset-focused financial institution, had previously been granted a Financial Services Permission by ADGM in December 2021, authorising it to arrange deals in investments and provide custody for accepted virtual assets. However, the company voluntarily ceased operations in ADGM until further notice.

The investigation into Hayvn’s activities revealed that the firm, under Flinos’s leadership, engaged in unauthorised virtual asset operations through an unregulated entity based in ADGM. This contravention of regulatory requirements prompted the substantial financial penalties and the prohibition order against Flinos.

Anchorage Digital Bank, the only federally chartered crypto bank in the United States, is under investigation by the Department of Homeland Security’s El Dorado Task Force. The inquiry focuses on the bank’s financial practices, particularly its compliance with anti-money laundering regulations. This development follows Anchorage’s recent appointments as a custodian for major crypto products, including those of BlackRock and 21Shares.

The El Dorado Task Force, established to combat financial crimes, has initiated the probe by reaching out to former employees of Anchorage Digital. While specific details of the investigation remain undisclosed, it aligns with the bank’s ongoing challenges in meeting AML compliance standards. In April 2022, the Office of the Comptroller of the Currency issued a consent order against Anchorage for failing to implement an adequate AML program, citing violations of the Bank Secrecy Act.

In response to regulatory pressures, Anchorage has made significant leadership changes aimed at strengthening its compliance framework. In January 2023, the bank appointed Mark duBose as Chief Compliance and Risk Officer and brought in Palmer, a former Department of Homeland Security attorney, to enhance its AML controls. These appointments are part of Anchorage’s broader strategy to address regulatory concerns and reinforce its commitment to compliance.

Despite these efforts, Anchorage’s role in the crypto industry has expanded. The bank has been selected as a custodian for several high-profile crypto exchange-traded funds , including the ARK 21Shares Bitcoin ETF and the 21Shares Core Ethereum ETF. These appointments underscore Anchorage’s growing influence in the institutional crypto custody space, even as it navigates regulatory challenges.

Hypertec Cloud has merged with 5C Data Centres in a move set to revolutionise the AI infrastructure landscape. The newly formed entity, 5C Group, combines both companies’ strengths, solidifying their presence in the rapidly expanding AI market. With a commitment to delivering state-of-the-art data centres and cloud services, the merger is poised to address growing demands in sectors such as artificial intelligence, cloud computing, and data processing. […]

Tesla owners are increasingly parting ways with their electric vehicles, resulting in a surge in used car listings, as well as declining resale values. With the electric vehicle giant facing mounting criticism and ongoing controversies surrounding its CEO, Elon Musk, the trend appears to be gaining momentum. The used car market for Teslas has reached an unprecedented high, with some industry reports revealing a surge in listings, […]

By K Raveendran In both foolhardiness in decision making and shameless flip-flop in dealing with disastrous aftermaths, Narendra Modi and Donald Trump have exhibited a total lack of honesty in admitting their mistakes. The similarity is too striking to be missed. Thanks to recklessness and impulsiveness in decision making—Narendra Modi with demonetization and Donald Trump […]

HONG KONG SAR – Media OutReach Newswire – 11 April 2025 – As a low-carbon energy source with significant development potential, hydrogen energy is recognised as a vital component of future national energy strategies. To address the increasing industry demand for hydrogen energy applications, the Technological and Higher Education Institute of Hong Kong (THEi) is actively advancing the development of the hydrogen energy sector. Funded by the […]

Ajman Bank has divested its stake in Gulf Navigation Holding, concluding a series of direct share transactions valued at AED 173.4 million over the past month. Data from the Dubai Financial Market indicates that nine direct deals, each ranging between 2.6 million and 9 million shares, were executed since March 5. This move signifies the bank’s complete exit from its investment in the Dubai-based shipping company. Previously, […]

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First Abu Dhabi Bank PJSC , the largest lender in the United Arab Emirates by assets, is undergoing another wave of executive departures as it implements a significant internal restructuring aimed at reinforcing its regional dominance and enhancing shareholder value. Chief Credit Officer Neil Barrable is stepping down less than a year after his appointment, citing personal reasons. Barrable joined FAB in June 2024 from HSBC Holdings […]

By P. Sudhir The 24th Congress of the CPI(M), which concluded at Madurai on April 6 with a massive rally, was notable in many respects. There were changes both in the agenda and content of the Congress discussions. First of all, a Political Review Report which reviewed the implementation of the political-tactical line adopted at […]

HONG KONG SAR – Media OutReach Newswire – 10 April 2025 – CPA Australia’s latest Asia-Pacific (APAC) Small Business Survey 2024-25 reveals that the outlook for business growth this year for Hong Kong’s small and medium enterprises (SMEs) has slowed, though their hiring intentions remain strong. To combat uncertainties and rising competition, many are focusing on innovation and increasing their investment in artificial intelligence (AI). (Left) Mr […]

A catastrophic roof collapse at the Jet Set nightclub in Santo Domingo, Dominican Republic, has resulted in the deaths of at least 113 individuals, with more than 250 others injured. The incident occurred during the early hours of Tuesday, 8 April 2025, as patrons gathered for a merengue concert featuring renowned singer Rubby Pérez. Witnesses reported that the venue was filled with between 500 and 1,000 attendees […]

HONG KONG SAR – Media OutReach Newswire – 9 April 2025 – X Pay, the local leader in “Buy Now, Pay Later” solutions, is pleased to announce a landmark strategic partnership with STOREBERRY, Hong Kong’s fast-growing omnichannel commerce platform. “Our partnership with STOREBERRY marks a significant advancement in payment innovation for Hong Kong’s retail sector. The ‘Online Price Divider’ not only makes high-value purchases more accessible but […]

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence, has embarked on his inaugural official visit to India. During this visit, he engaged in discussions with Prime Minister Narendra Modi, focusing on enhancing the multifaceted ties between the United Arab Emirates and India. The meeting, held in New Delhi, underscored the enduring relationship between the two […]

SINGAPORE – Media OutReach Newswire – 9 April 2025 – The highly anticipated Food & Hotel Asia – Food & Beverage (FHA-F&B) event officially opens today, reaffirming its position as Asia’s premier international food and beverage platform. With an expected 65,000 attendees from both local and international markets, FHA-F&B is set to once again unite industry professionals, culinary innovators, and industry leaders under one roof. The opening […]

Ripple has announced plans to acquire multi-asset prime brokerage firm Hidden Road for $1.25 billion, marking one of the largest acquisitions in the cryptocurrency sector this year. The deal, involving a combination of cash, XRP tokens, and stock, is expected to close in the coming months.

Brad Garlinghouse, Ripple’s Chief Executive Officer, emphasized that the acquisition aligns with the company’s strategy to expand its presence in the United States, particularly as the regulatory environment becomes more accommodating under the current administration. “The U.S. market is effectively open for the first time due to the regulatory overhang of the former SEC coming to an end, and the market is maturing to address the needs of traditional finance,” Garlinghouse stated.

Hidden Road, founded by Marc Asch in 2018, has established itself as a significant player in the financial markets, processing approximately $3 trillion annually and serving over 300 institutional clients. The firm offers a range of services, including clearing, securities lending, and leveraged trade execution. Asch will continue to lead the prime brokerage division post-acquisition, ensuring continuity in leadership and operations.

The integration of Hidden Road into Ripple’s ecosystem is poised to enhance the utility of Ripple’s U.S. dollar-pegged stablecoin, RLUSD. Hidden Road utilizes RLUSD as collateral across its prime brokerage products, a move that could position Ripple more competitively against established stablecoin providers like Tether and USD Coin.

This acquisition is part of Ripple’s broader strategy to leverage its substantial cash reserves for expansion. The company has been actively seeking opportunities to diversify its offerings and solidify its global presence. Garlinghouse has previously highlighted plans to invest in markets with favorable regulatory frameworks, such as the United Arab Emirates and Switzerland.

SINGAPORE – Media OutReach Newswire – 8 April 2025 – McCain Foods, a world leader in prepared potatoes, today unveiled the McCain SureCrisp Max™ at FHA-Food & Beverage 2025 in Singapore. This product addresses the evolving needs of the foodservice industry, delivering unmatched crispiness, extended hold time and consistent quality – reinforcing McCain’s leadership position as a trusted partner for modern dining solutions. The original McCain SureCrisp […]

SINGAPORE – Media OutReach Newswire – 8 April 2025 – Juspay, a global leader in payment infrastructure for enterprises and banks, has secured $60 million as part of its Series D funding round in a combination of primary and secondary investments. This investment round was led by Kedaara Capital with participation from existing investors Softbank and Accel. Juspay has expanded its global footprint across Asia-Pacific, Latin America, […]

HONG KONG SAR – Media OutReach Newswire – 8 April 2025 – Cristiano Ronaldo is set to redefine the shopping experience with the grand opening of the first-ever CR7® LIFE Official Flagship Store at Times Square in Hong Kong celebrating his museum and legacy. Set to open its doors on June on the 7th floor of the iconic shopping hub, the first worldwide CR7® LIFE Store promises […]

SEALSQ Corp, a company specializing in semiconductors and post-quantum technology, has announced a strategic partnership with IC’ALPS, a French ASIC design house, to develop advanced Application-Specific Integrated Circuits aimed at enhancing functional safety in the automotive sector. This collaboration seeks to address the emerging cybersecurity challenges posed by quantum computing advancements. IC’ALPS brings to the partnership its expertise in power management integrated circuits and adherence to automotive […]

New global thought leadership series spotlighting the HKSTP I&T powerhouse, uniting its soft power of visionaries to rally the world to keep up with Hong Kong’s innovation HONG KONG SAR – Media OutReach Newswire – 7 April 2025 – HKSTP’s Keep Up global brand campaign has taken the world by storm, reaching over 19 million people across 240+ destinations worldwide since its launch in July 2024—a testament […]

By Nitya Chakraborty 71 year old CPI(M) politburo member Mariam Alexander Baby has taken over as the sixth general secretary of the Communist Party of India (Marxist) following his nomination at the 24th congress of the Party which concluded at Madurai on April 6. Baby is a veteran leader of the CPI(M) from Kerala with […]

The United Arab Emirates has reaffirmed its position as the global leader in Fibre to the Home connectivity, achieving a penetration rate of 99.3%. This marks the eighth consecutive year the nation has topped international rankings, surpassing technological hubs such as Singapore, Hong Kong, China, and South Korea. The FTTH Council’s latest annual report highlights this milestone, underscoring the UAE’s commitment to advancing its digital infrastructure.

The FTTH Council’s analysis encompassed data from 20 countries with FTTH availability exceeding 50%. Singapore secured the second position with a penetration rate of 97.1%, followed by Hong Kong at 95.3%, China at 92.9%, and South Korea at 91.5%. The UAE’s leading status reflects the nation’s strategic emphasis on developing next-generation digital infrastructure to support its economic and technological ambitions.

Central to this achievement is e& UAE, formerly known as Etisalat, which has played a pivotal role in enhancing the country’s connectivity landscape. The company has consistently invested in and developed world-class infrastructure for both 5G and fibre networks. Masood M. Sharif Mahmood, CEO of e& UAE, stated that the UAE’s proactive strategies and investments in fibre connectivity are a testament to the nation’s visionary leadership and its confidence to empower people to thrive in the digital age.

The UAE’s focus on fibre connectivity is integral to its broader digital transformation agenda. The nation has continuously invested in innovation and next-generation technologies to expand and enhance its infrastructure. This robust network forms the backbone of a digital ecosystem that supports various advanced technologies, including augmented reality, robotics, and artificial intelligence.

The high FTTH penetration rate offers tangible benefits to both consumers and enterprises. For consumers, it translates to high-speed internet access, facilitating seamless experiences in gaming, streaming, and other bandwidth-intensive applications. Enterprises, on the other hand, can leverage this infrastructure to support advanced use cases, applications, and technologies, thereby driving digital transformation across various sectors.

Beyond performance enhancements, fibre connectivity contributes to energy efficiency and sustainability goals. It is also critical in advancing hyperscalers, 5G Advanced, data centre connectivity, smart cities, and AI-driven initiatives. The UAE’s commitment to fibre connectivity aligns with its vision to become a global hub for innovation and technology.

California has achieved a significant milestone in its transition towards sustainable transportation. The state now boasts 178,549 public and shared private electric vehicle chargers, surpassing the approximately 120,000 gasoline nozzles by 48%. This development underscores California’s commitment to expanding its EV infrastructure, facilitating the adoption of zero-emission vehicles. Governor Gavin Newsom highlighted this achievement, emphasizing the state’s dedication to providing consumers with more charging options. He noted […]

By K Raveendran Donald Trump and Narendra Modi never seem to tire of expressing admiration for each other, their mutual regard forming an odd but undeniable transnational political camaraderie. What binds them is not simply shared ideology but a similar worldview shaped by populism, nativism, and a flair for dramatic, often reckless, decision-making. Modi’s ‘Atmanirbhar […]
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